The Customer Experience

and How to “WOW” Clients

Financial Planning Practice Management
FIP510
Todays Discussion Topics

• Why is the Customer Experience Important

• How has the Customer Experience Evolved

• The Key to Success and How to Get It

• Measuring the Customer Experience

• Common Customer Experience Issues

Why are we focusing on the Client Experience?

The Client’s Your

Expectations Competition

Regulatory
Environment
Robo-advisors &
online

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Financial Services : difficult to
compete on price, product, hours…
Can we compete Can we compete on
on hours? Product?

Competitors
Awards or
Compete on Price?
rankings?

Can we compete Compete on

on locations? returns?

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It was easier in the past…

Become
Think
CONTENTS Buy it or Loyalty to
Awareness familiar
about it
TITLE
use it it !
with it

5
The customer experience journey
is circular 2.
Consider the brands
out there

Loyalty
3.
1. Trigger or
CONTENTS
TITLE
Evaluate what they
want and narrow it
decision down

My experience with the

product determines if I Select it and buy it
buy again
4.
Ongoing experience
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The key to success is

Loyalty
CONTENTS
TITLE

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How do you find the Key?
• Connect
• Discover
• Know
• Do
• Follow-up
• Thank

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How do you find the Key?

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How to measure feedback

1
Types of customer experience
surveys
 Linking Customer Experience to
Financial Planning
✓ To listen to clients who may not be "The Planner contacted us ahead of
satisfied with our service and time to ask some questions, then
products tailored our meeting to suit our goals
and needs. He keeps in regular contact
so you feel your business is valued."
My Planner is ”They do all the
talking. I never get a
patient and
"I don't feel she's a salesperson but is a good chance to ask
explains advisor and has offered some very sound questions in the
things well." investment advice." meeting.

My Planner is ”I haven't had

available when any
communication
I need her." after I signed up.

”I'm not sure of his value… He talks

about investments but not sure what else
he can offer me." 12
 How does a survey link to the Financial Planning process?

Stages of relationship What customer surveys can

tell us

Discovery meeting 1 You understands me and my goals

Planning and You give me a Financial Plan to help me reach

2 my goals
investing

3 You connect with me to review progress

Day-to-day
interaction
You suggest other individuals to help me with =
4 my goals

Annual reviews
You review my goals regularly and to understand
and meetings 5 if anything has changed
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 Communication Effectiveness:
Handling Complaints
1. Listen to the complaint fully

2. Ask lots of questions. Who, What, Where, When, Why questions.

• Rephrase information given to you. Ask if it’s correct.

3. Advise the person making the complaint that you will look into it. Consider carefully before you
comment on a potential resolution. Allowed yourself time, if needed, to review the matter offline, confer with
appropriate colleagues or superiors, clarify any policies and/or procedures, etc. As such, provide a time
commitment for when you’ll reconnect with the complainant, either to status them on your progress or present
a solution.

4. Ask the customer how they would like to see the matter resolved. Sometimes, the complainant
already has a sense for how they would like the matter resolved. When proposing a solution, try to present at
least two options. People value choice.

5. How to politely tell someone they are wrong, without coming across as a condescending
know-it-all. Everyone makes honest mistakes. No one likes to lose face. Be gracious. Use a gentle, helpful
tone. Never, ever talk down. Ease into it by starting with something positive.
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Common Customer Experience Issues
Complaints are a Gift

• The goal is not make complaints go

away; it's to handle them more
effectively Please rate our service
• A complaint is feedback today
• If the issue is effectively resolved, it
can significantly improve customer
loyalty

• How effectively we respond to and

resolve client complaints reinforces or
dilutes your personal brand as a
Financial Planner

“I personally believe we developed language because of our need to

complain.” -Jane Wagner, The Search for Signs of Intelligent Life in the Universe
Common Customer Experience
Issues: Service
Administrative fees Performance of
investments.

Poor service Service Delay in transfer of

Complaints money/assets

Missing documents Lack of contact

SERVICE
best defined as an issue
that is not related to
securities legislation or
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rules.
Common Customer Experience
Issues: Regulatory
Theft, fraud, Performance of
misappropriation investments.

Service
Fees were not Misrepresented
Complaints
disclosed investment product

Failure to follow client Suitability or quality of

instructions advice
REGULATORY
A complaint alleging actions
contrary to securities, rules
regulations or policies .
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HowInfographic
do you identify
Style a client
experience issue?

What are some ways that a client

experience issue can arise?
Q&A
Interpersonal Communication Skills for Financial
Planners FSP202