Innovation
“New” is not always “better” to a lot of people. Not everyone upgrades their phone on the new software release date. This is an especially important concept for fintech firms pushing companies to try new stuff. And by the way, do you really use the stuff you already have? How do you know?
Your new priority should be to fix the basics first. Consider LPL’s recent upgrade of new account opening procedures that require 30 fewer entries and use prepopulated data fields. This makes the daily drudgery simpler and easier and you can watch the lift in employee satisfaction spill over into better client satisfaction. Now that’s innovation.
Customer Experience
This is the hottest of all our Jell-O labels—and has the widest range of meanings. Instead of debating all the possible needs and wants of myriad client types, I think it’s most important for advice firms to empower dedicated leaders to be client advocates and company watchdogs. With good hearing and teeth.
Your efforts at improving the customer experience should primarily aim to make things simpler, easier and more effective—for the clients and for the client-facing associates. Friction removal in a fast-changing industry is a never-ending task that is still not well supported by most organizations. I’m old enough to remember the U.S. manufacturing product quality wars, when T-shirt maker Hanes left a note in every package from Inspector 12, the quality assurance person. The advice industry could use an Inspector 12 in every firm. Do you have one?
The second critical design element for the client experience is to select a key “persona” everyone can understand: Focus on the person who is your ideal client and top client influencer. And build to suit her.
There’s real urgency for cleaning up our act. The bull market is sputtering, clients have spread their assets across multiple firms—and the client demographic is aging and worrying and consolidating. Take action by engaging proactively and making sure you haven’t fallen into the Jell-O. Smart phraseology without clarity is usually a slogan in search of a business plan.
Steve Gresham is a consultant focused on execution of wealth management and an investor in Whealthtech companies. He was formerly the head of Fidelity’s Private Client Group. See more at thegreshamco.com.