Editor’s Note: This is the second article in a two-part series about the transformation of the client and advisor experience. To read the first article, click here.
Amidst disruption some firms have begun experimenting with new types of private client experiences. In addition, well-established retail banks are launching new wealth management offerings, such as hybrid robo-advice, and are even publicly stating the “enormous opportunity” in the industry (Correia, Margarida. "Citizens Wealth Management Chases Mass-affluent Business." Bank Investment Consultant. SourceMedia, 09 Aug. 2016. Web. 15 May 2017).
Private Client Intelligent Experience Maturity Model
Implications for advisors and their firms portend more opportunity. Independent of your place on the Private Client Intelligent Experience Maturity Model, five factors contribute to realizing your full potential:
1. Disruption Demands New Leadership And A Longer View
Begin your transformation journey with active participation and endorsement from leadership. Executive commitment demonstrates the priority to staff and to customers that you are committed to serving their needs, and improving their experience with you. Transformation begins with ruthless candor about your current experience. Given the pace of change needed to stay competitive, firms need to delight clients and customers and worry less about competitors who may not be keeping up.
2. Identify Your Value
Create a business case that demonstrates the value of transformation – the endgame client experience benefits that clients will seek out and buy. Keep performance measures simple, well defined and aligned with your top- and bottom-line priorities. A well-known business consultant said recently that current state KPIs (key performance indicators) have “imprisoned” companies – preventing the innovation needed to delight clients in a more competitive marketplace. A strong value case will keep your transformation in the forefront of your business strategy and position you well for lasting, profitable growth. Keep an eye on “community” as a draw for both employees and clients as both constituencies increasingly appreciate the reputation of their company.
3. Don't Forget Change Management