Consistency And Clarity
Perhaps nothing is more frustrating to an advisor than having a firm policy or procedure interpreted one way by a service representative, only to hear something entirely different from another representative later. A poor service experience stemming from inconsistent messages can trigger a toxic chain reaction, causing advisors to lose faith in their firm and clients to sour on their advisor. Memorialize policies and procedures, and make sure they are applied consistently.
Clarity is equally important. Financial service professionals sometimes use very different labels, words and phrases to describe the same things, which can cause confusion and result in service issues. The best way to prevent miscommunication is to standardize terminology across an entire firm, from the executive level to advisor administrative support staff. When everyone in an organization speaks the same language, communication gaps are less likely to occur, helping to prevent service problems.
Don’t Overlook The Details
Obviously, there are other, more material ways to improve the service experience. For instance, firms with tiered, concierge-like offerings that create “express lanes” of support prioritizing document processing or other time-sensitive tasks, will likely be better at attracting advisors with large, fast-growing businesses.
Still, providing exceptional service, at its core, is about execution and implementation, and appreciating that no detail is too small to overlook. Or, in other words, doing the little things to be successful and set a higher standard, just like the UConn women have been doing for decades.
Cristi Meyers and Holly Bell are practice management consultants with ProEquities.