How Can Advisors Best Serve Their Clients in 2019 and Beyond?

As a financial advisor, what do you hope to accomplish in the year ahead?

 

For advisors, it’s important to consistently take time to set goals, and take stock of whether you’re living up to your aspirations, or perhaps falling a little bit short. And if you’re not reaching the heights you’re shooting for, it’s important to ask why.

 

In many cases, it could be because you’re not in an environment that’s conducive to maximizing your success. 2019 could be the year to change that.

 

Advisors, Is Better Client Service High On Your List of New Year’s Resolutions?

For many advisors, the New Year is going to be all about renewing their focus on the client. And this is certainly a great goal! The relationship between advisors and investors is a crucial one, for both parties.

 

This is especially true as we look ahead to 2019, a year that seems likely to be marked by significant turbulence in the markets, as our friend and colleague Dr. Robert Barone has recently noted. In an uncertain market, it’s even more important for advisors to make sure that they’re serving their clients to the best of their ability, and ensuring investor loyalty and retention through the ups and downs that may come.

 

For many financial professionals, the year ahead marks an excellent opportunity to find new and improved ways to serve their clients, in many different respects. This may mean:

  • Finding new ways to connect and communicate with investors
  • Improving the lines of communication you already have open
  • Researching new investment opportunities, strategies, and products to present to clients
  • Expanding the reach of your marketing, to help bring in new clients and keep you top-of-mind for your existing investors
  • Accessing new and innovative technologies to improve investor experience
  • Connecting with a broader network of financial, legal, corporate, and real estate professionals, in order to help set your clients up for greater success

 

Goal Planning & Growth Objectives for Advisors

The Importance of Exceptional Client Service for Your Brand

Exemplary, attentive client service is essential in order to protect and grow your business as an advisor, according to reports.

 

For instance, a 2017 survey of financial customer experience from Qualtrics, brought to our attention by CNBC, indicates that trust is the single most important factor for investors when they consider choosing an advisor, with 47% of survey respondents saying that it was a significant reason for their selection. Personalized service (39%) and superior customer service (28%) also ranked high on the list.

 

On the flipside? That Qualtrics report also noted why investors chose to leave their advisories. Again, client experience-driven metrics rose to the top of the list, with high fees (14%), poor customer service (10%), and lack of personal attention (10%) topping the charts. Further down the list, but still significant, were other notable factors, including poor online services (6%) and poor social responsibility (5%).

 

This squares with other studies and surveys, as well. A 2014 EY study brought to our attention by ThinkAdvisor, for instance, suggests that:

  • 73% of Baby Boomers, and 63% of Next Gen, report that “firm reputation/trust” is a key factor guiding their decision to sign on with a financial advisor
  • 45% of Baby Boomers and 53% of Next Gen clients report that “advisor relationship” is one of the key factors that keep them with their financial advisor
  • Among all clients who had recently left a financial advisory, 36% indicated that “limited frequency/poor quality of interactions with financial advisor” was a key determining factor, as was “poor service quality” (14%)

 

The Benefits of Working With a Client-Focused Firm

Here at FourStar Wealth Advisors, we believe that the greatest success comes from putting our focus squarely on clients. This doesn’t only benefit investors – it also creates a superior environment for advisors, as well.

 

We believe in unshackling advisors from the rigid protocols that the large companies demand. Instead? Since you are taking the career and financial risk of building your business, we believe that you should have the freedom to deliver the services you want, charge whatever you feel is fair, hire who you want and when you want, and build your brand, your way.

 

And with FourStar, advisors have access to a unique toolbox, offering unparalleled opportunities to service and expand their client base. Our firm is part of the next generation of wealth advisory, offering advisors access to enhanced multimedia marketing capabilities, philanthropic advisory services, a fiduciary executive advising suite, our next level technology suite, and a cutting edge financial planning suite.

 

Have any more questions? Do you think joining FourStar might be the right fit for you? Don’t hesitate to give us a call at 312-667-1750, or reach out through our convenient online portal today.

 

GENERAL ADVERTISING DISCLAIMER

This article is provided by FourStar Wealth Advisors, LLC (“FourStar” or the “Firm”) for general informational purposes only.  This information is not considered to be an offer to buy or sell any securities or other investments. Investing involves the risk of loss and investors should be prepared to bear potential losses. Investments should only be made after thorough review with your investment advisor, considering all factors including personal goals, needs and risk tolerance. FourStar is a SEC registered investment adviser that maintains a principal place of business in the State of Illinois. The Firm may only transact business in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. For information about FourStar’s registration status and business operations, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov/