“Satisfaction is this intellectual calculation of your competence on need-meeting,” Joseph says. “Beyond that, then make it easy for me. Figure out ways where I can engage you on my terms based on my lifestyle. At times that’s going to mean technology and self-serve. Other times it’s going to mean, please rescue me from all this technology with some human insights. Give me a person. Then finally, what they’re looking for is some layered sense of care. I don’t mean care for you because I met your needs, but care about you.”
A big part of caring for your clients right now is being receptive to all that scheduling craziness I mentioned. Somewhere in between algebra homework, teleconferences, brushing up their resumes and filling that time they should be golfing, your clients are going to glance at the news and see the markets jumping around. Then, they’re going to start worrying about how the latest fluctuation affects them. You and your team need to be available to answer that phone call or email if it comes in.
Barron’s Hall of Fame advisor Scott Tiras told me, “If a client wanted to talk to you tomorrow, chances are they would have called or emailed you tomorrow, but they emailed you today or called you today, guess what? They want to talk to you today. So we’re very, very big on responding to our clients immediately.”
And, just as important, you need to ramp up your newsletter, podcasting, video and blogging schedules and deliver trustworthy information that’s going to keep your clients feeling informed, not afraid.
2. Co-create the planning experience. When we go to Starbucks, my wife and I each have very different customer experiences (Or DID, back when you could still go to Starbucks, but stick with me here …). My wife prefers a quiet corner where she can read and sip on tea. I like to drink my coffee in the middle of the din, maybe hear new music or chat with someone the next table over. The guy behind me in line might be getting ready to plug in his laptop and do some work. And although we’re all enjoying well-made drinks in the same iconic cups, we’re choosing from 87,000 possible combinations.
Starbucks is Starbucks because it has found a way to standardize how it delivers personalized client experiences. Julie Littlechild calls this concept “the co-creation of value” between company and customer. To co-create a client experience that strengthens the advisor-client relationship, she places heavy emphasis on soliciting client feedback and asking questions about her clients’ needs.
“It could be as simple as sitting down one-on-one with a group of five pre-retiree clients and asking them to describe a client experience that has had a significant impact on them,” Julie explains. “Trying to peel back the onions and go deeper and understand what extraordinary looks like through the eyes of your target client, what really resonates. Where you are not just saying, ‘How are we doing?’ That’s not co-creation. That’s measurement. But you’re saying, ‘What are your key challenges? What’s on your mind? What kind of educational topics are you interested in? How do you want to meet? When do you want to meet? Where do you want to meet?’ I think there’s all of these different moments where we invite input, and if that input changes the experience, that’s co-creation.”
This emphasis on feedback fits with something I’ve been advising my coaching clients and members of my ROL Advisor Program during this crisis: clients want you to listen. No matter how good your historical charts on market cycles is, what your clients need is more empathy and less data, more reassurance and less lecturing about “staying the course.” Connect emotionally first and that will leave room for your logical appeals.
My business partner, Mitch Anthony, says that in moments of crisis one of his favorite questions to ask anxious clients is, “How is this affecting you?”
One of my favorites is, “On a scale of one to 10, with 10 being absolute panic and one being carefree, how worried are you about this?”
These questions give you the feedback you need to personalize the crisis response. Often, these questions also have a calming effect on the client. Body language, vocal tone and anxiety from too much social media might be screaming 10. But given the task of reflecting and assessing, clients often take a breath and come back with a six or seven.