Clients and advisors don’t communicate the same way they used to.
Where once emails and face-to-face meetings were the norm, instant communication, particularly text messaging, is the preferred method today. Virtual conferences are another way that clients and advisors can stay in touch. Many clients, particularly millenials, prefer texting to talking on the phone. How do we manage client communications and requests in an era of instant gratification?
Virtual communication is becoming increasingly the norm. According to a 2014 survey by Peak Advisor Alliance and Cerulli Associates, 81% of advisors surveyed meet clients in person only once to twice a year. This emphasis on virtual communication has also impacted client expectations regarding response time. Social media, for example, is fast and offers a more personal feeling than email. The challenge though, is how advisors can respond in a way that meets client expectations. It’s important to set boundaries so clients have appropriate expectations regarding response times.
Advisors need to maintain control and ensure they have the ability to communicate virtually by the particular method that each client prefers. Clients need to feel comfortable approaching their advisor through the digital channel that suits them best.
To ensure that you meet expectations, there are a few things you can do. First, make sure you know each client’s preferred channel and the way they like to communicate. Make sure your firm’s technology is not only adequate, but cutting edge. Be an early adopter of new technologies. Finally and most importantly, manage expectations and set boundaries. Clients need to understand that you may not always be able to respond immediately. After all, you have more than one client.
For more information, please read:
Clients Want Immediate Response? How to Temper Expectations | Wealth Management