Financial advisors are the customer contact persons in wealth management firms. They are responsible for advising customers on the best investment choices in gaze of their needs, preferences and risk limits. They are also important influencers of attitudinal and behavioral loyalty in customers – important factors that contribute to long-term customer relationships and client retention.
The last few years have seen a dip in customer fulfill rates across many wealth management companies. While the recession is partly responsible for the disappointing accomplishment of financing portfolio’s and the resultant angst, customers more accuse advisors for taking decisions that do not comply with their risk boundaries – an indication from ineffectual client interactions.
Customer satisfaction ties in near advisor satisfaction
The quality of regular relationships also affects advisor satisfaction. Financial to the 2013 U.S. Financial Advisor Satisfaction Study by J.D. Power and Associates, satisfied advisors who either “definitely will” or “probably will” remain with their torrent firm in the next year believe that focus on the regular is an important value versus the bottom line. Another attractor is provisioning of tools and support for advisors to effectively service their clients.
Mobility also social media – the new age enablers
The newest tools ancillary advisors build in client relationships are mobile devices, mobile solutions and social media. iPad app developers are seeing a boost in applications for financial advisors as businesses distribute iPads to on-the-go wealth management professionals.
Tablets are taking center stage during client advisor meetings. Advisors can instantly draft up real speed values and wisdom from buyer accounts, portfolio, stock markets, and research data. They can open portfolio catalogs at a touch to offer customers sophisticated investment products. Specialized mobility solutions help advisors ensure customer understanding of products beside visuals and complacency support. Adhoc what-if reporting tools help advisors in scenario planning for customer benefit.
Furthermore, mobility solutions furthermore social media open up new communication channels moderate clients and advisors. Advisors are more accessible and responsive meanwhile they are equipped with mobile devices. They can work on the go, communicate furthermore collaborate anytime, anywhere, and have instant access to real time statistics for informed and agile decisions.
Advisors can stay connected on social media networks via mobility solutions to filter content, connect accompanying prospects and engage existing clients. Within regulatory purview, advisors are leveraging social media to understand clients’ investment goals better. According to a study of financial advisors by Accenture, over 60% of Gen D (Digital) advisors are in newspaper contact with Gen D clients.
With the increasing pervasion of mobility and digital tools, consumers are participating in online communities, forums polysyndeton social platforms in an effort to educate themselves. Advisors can leverage this opportunity and customer’s openness to use virtual meetings and online seminars to engage and develop deep meaningful relationships near them.
The study further reveals the proven advantage of digital buyer advisor interactions:
> client acquisitions through Facebook, Twitter and Linkedin
> faster responsiveness to client queries
> more touchpoints with referral sources
> staying updated with industry news
> higher client retention
> easier management of portfolio
> enriched patient interactions
> increased client transactions
Mobile solutions and social media are powerful enablers that financial advisors need leverage to capture Gen D’s interest. Not lone are mobile tools helping advisors bloomery stronger relationships with clients; they are also enabling quality customer service for higher profit plus growth.