And how can you provide it?

In a recent article that was published by Investment Executive, Clients stick with advisors because of personalization: survey, it was determined that personalization is one of the most important factors when clients decide whether or not to remain with their current Advisor.

Personalization was found to be the top trust-building factor, with transparency coming in second place. Third? Education.

The researched included 1,001 Canadian investors who worked with a Financial Advisor.

Key findings were:

• Preferred communication methods differ widely across the board:
  • 41% prefer in-person meetings
  • 28% prefer email
  • 18% prefer phone calls
  • 10% prefer video calls
• Preferred communication frequency also varies:
  • 1/3 expect their Advisor to reach out twice a year
  • 1/3 expect quarterly outreach

 

When asked the question, “how could your Financial Advisor improve?”, nearly 1/3 answered with wanting more personalized advice tailored to their personal goals.

It was also found that 65% of these investors remain loyal to their current Advisors primarily because they feel like their Advisor understands their preferences and personal situation.

The results of this survey are crystal clear — personalized service matters, and it will be key to long-term client retention. 

3 easy ways Advisors can provide personalized service.

 

Providing personalized service will touch all aspects of your practice. There are countless area to provide it, but today we will focus on 3 actionable areas that may be your low hanging fruit.

Meaning, major impact without major effort!

 

Prospective client meetings

This one may surprise you, as it’s come directly from Financial Advisors and Planners who are actively using their financial planning software during prospective client meetings, in real time.

 

 

Watch this video to see this process happen in real-time.

 

 

For additional clarity on the items mentioned above, check out Financial Advisors: Here is a proven process to convert more prospects.

Client onboarding

Is your client onboarding process filled with paperwork? Switch it up with a video that will feel personalized, even though it can be used multiple times.

This is a video that we created for our Advisors to share with their clients to help articulate the value of planning and set expectations.

 

You can make your own video [here is an example of a client onboarding video done by a Snap user] or start using this one. Snap Projections provides numerous client-facing resources to support users, many of which can be found in this Financial Planning Toolkit.

Canadian Financial Advisors, Planners, and Investment Managers are eligible to start a 14-day Free Trial of Snap Projections financial planning software.

Annual or quarterly updates

Templated annual or quarterly reviews that are both personalized and customizable are the secret sauce to providing highly personalized service while remaining time efficient.

Once you’ve created your projections, you should not have to spend additional time manually building out customized, short reports that need to be updated for each quarterly or annual meeting.

Advisors who have access to SnapShots have reported saving one hour with every single client meeting, because the current data automatically populates into their pre-made templates.

Year over year, the client gets to see and experience a consistent reporting format. The Advisor, conversely, has not had to spend any additional time creating the presentation for the review once the projections have been built.

 

The SnapShot is typically used for 3 main use cases:

1. A stand-alone client deliverable (a one-page financial plan report summary)
2. An annual or quarterly review template
3. A two-page executive summary to the full report for more complex cases.

You can download samples of all 3 use cases here.

 

Up next: Engage Your Clients in the Financial Planning Process by Starting with a Retirement Vision.