Client satisfaction is just the beginning
from Pollara Research and the Investment Funds Institute of Canada found 94 per cent of clients trust their financial advisors. However, one practice management expert said it may be time to prioritize another component of the advisor-client relationship.
“Satisfaction is about delivering on a client’s expectations, their service expectations. However, an engaging experience is much more about how they’re feeling,” explained Ms. Littlechild, who spoke at IFIC’s annual leadership conference in Toronto last month. “We’ve seen a lot of whose clients are equally older and are struggling to create an experience that will be attractive to that next generation,” Ms. Littlechild said.
Ultimately, advisors need to build relationships with the client’s entire family. He noted that in some cases, younger generations will eventually leave their parents’ advisors because of a lack of attention, taking considerable assets. Brian Waldeva, vice-president, wealth management solutions, at CGI Inc. in Toronto, said at the conference that technology can be used to develop insights into client needs so they can have a better experience. He observed many firms rolling out high-end technology at considerable cost but without a business champion to drive the technology adoption.
Jennifer Plenert, senior vice-president and national manager, Ontario, at National Bank Financial Wealth Management, recalled many technology changes to create efficiencies over the years and believes a focus on change management is paramount.
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