As advisors, we’re continuously busy. But if we’re not careful, our overloaded schedules can lead to a significant – and costly – drop in the quality of the customer service our clients have come to expect.
A commitment to strengthening your customer service may be the most important investment you make every day. By serving your existing clients better, you will save money and earn an even greater return on your time and energy than acquiring new customers.
Separating Your Service
For clients who are not financially savvy, the options for effectively managing money can all look alike. Exceptional customer service, especially if it's personal and customized, is one proven way to set yourself apart from the competition.
If clients know they can always count on you to answer and return their calls, listen to their concerns and treat them like valued customers, rather than just an accounting number, you will set yourself apart from larger firms that don’t offer such granular care.
Justifying Your Means With Ends
It can be hard for clients to swallow paying a higher fee for a financial advisor – especially if it seems like that financial advisor provides the same services as a big firm offering bargain-basement prices. Every time you go above and beyond for your clients, you are reinforcing the message that the higher price your clients pay is returned in abundance by superior service. Add safeguarding their assets to the best of your ability, and you have a compelling argument for charging more.
Earning That Referral
The cheapest and highest quality marketing you can invest in is word-of-mouth referrals from clients who adore you and your service. Your hands-on, people-centric touch with clients earns you valuable real estate in their thoughts when someone they know is looking for financial services.
This goes beyond them simply answering "Oh, I use X" when asked what financial firm they recommend. Instead, all those big decisions you personally guide clients through, like purchasing a home or a car, paying for a child’s college education or retiring, are potential points of entry for discussion with their friends and family.
Superior customer service will always be worth every bit of attention you give it. It has the power to transform our businesses for the better and gives back what we put into it more reliably than many of our day-to-day investments.
The next time you feel stumped when prospecting, take a close look at the customer service you provide and determine how much more value you can add.
Article provided and written by Charlotte Stark with Dunham & Associates