Last week, I mentioned that delivering compelling client experiences will be increasingly important to build trust and brand loyalty with clients going forward. Wealth management firms looking to improve client retention and retain their top advisors by providing superior client experiences can benefit from employing a straightforward three-step approach.

Step One: Know the Client

The first step of Accenture’s three-step approach to building relationships and brand loyalty with clients is to Know the Client. Digitally-connected clients (Gen D) represent more opportunities for firms to collect—and push—data due to their omni-channel engagements through multiple devices.

When it comes to getting to know their clients better, wealth firms and their advisors should consider:

  • Leveraging omni-channel client interactions to gather information into who their clients are, what they’re looking for, and what they want and need.
  • Using insights to tailor client experiences, retooling advice-led sales and distribution for the digital age.
  • Effectively managing client data through integrated customer relationship management, household and relationship views.

While knowing your clients may seem pretty basic, the reality is many financial advisors discount this critical step. Advisors who prevail in this area will reap significant rewards: new clients, deeper relationships and improved client loyalty and retention.

To learn more, download: Beyond Trust: Build lasting relationships and brand loyalty by delivering superior client experiences (PDF; opens in a new window).

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