Creating an Extraordinary Client Experience
Will Guidara, owner of one of the most prestigious restaurants in the world, Eleven Madison Park in New York City, shares a great example of providing an extraordinary customer experience, in his book Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect.
Guidara tells of overhearing guests discussing the amazing culinary adventures they’d had while in NYC and remark that the only thing they hadn’t experienced was a hot dog from a street cart. Hearing this, Guidara ran outside, bought a hot dog from a curbside vendor, then cut it into four pieces, garnished it and presented it to the diners, saying, “To make sure you don’t go home with any regrets, a New York City hot dog.”
What a “wow” moment for those guests. I’m sure they must have shared that amazing story a thousand times with their friends, family and colleagues. Ater all, people love great experiences. They love travelling first class, fine dining, staying at five-star hotels. Why? Because of how it makes them feel. The extra attention given to every detail makes them feel valued, important and taken care of.
The same can be said for clients you serve in your business. Today’s clients seek a relationship with their financial advisor that extends beyond just managing their investments. They desire an experience that delivers a holistic approach encompassing personalized financial planning, tailored strategies and clear communication. Clients expect transparency, trustworthiness and accessibility from their advisor. They value proactive guidance, not just reactive responses.
A collaborative relationship
In essence clients today are looking for a collaborative relationship with a trusted partner who offers a comprehensive and empathetic approach to secure their financial future. They also want the added touches that make the total experience phenomenal. And the advisors who provide this type of extraordinary experience will thrive.
Bear in mind that in the highly competitive world of financial services, every advisor aims to attract the same coveted A-list clients, who often have numerous choices when it comes to selecting someone. Therefore, standing out from the crowd and differentiating oneself is crucial. Giving your clients an extraordinary experience will create deep and lasting relationships that transcend traditional client-advisor dynamics and will keep loyalty fatigue from creeping in.
So don’t just meet your clients’ expectations—exceed them. Don’t be the advisor that over-promises and under-delivers, be the one that over-promises and then over-delivers! By consistently exceeding their expectations, you position yourself as the preferred choice in the market.
But just what is an “extraordinary experience”? It is a profound, impactful event or occurrence that surpasses the ordinary, leaving a lasting impression on an individual’s mind and emotions. It often defies expectation, transcends routine and may involve intense emotions, reflective insights or significant growth, shaping one’s perception of reality.
Here’s the truth, though—most financial advisors deliver a mundane, ordinary, blah experience to their clients and put very little thought into how they interact with them. Separate yourself from the crowded space of advisor mediocrity. Stand out by giving your clients an experience that transcends their expectations and one they’ll want to tell everyone about.
This commitment to excellence should permeate every phase of the client journey, from the initial contact to ongoing services, special events and everything in between. Here are several key opportunities where your firm can deliver exceptional client experiences that resonate and reinforce client loyalty, satisfaction, and trust.
First Contact: From the very first interaction, whether it’s a phone call, email, video or face-to-face meeting, make sure it’s welcoming and professional. For an unexpected and differentiating touch, overnight a packet that warmly introduces you, your team and your services.
Fit and Discovery: The client’s decision to go forward with you as their advisor is often forged in these meetings. Focus on understanding the client’s goals, concerns and financial situation thoroughly. Show that you are prepared by having an agenda and have professionally created material to use and share with the client. This will lend to your credibility and professionalism. This is also a great time to personally introduce your team to the client. Make an added impression by sending a same-day, thoughtful follow-up letter or email that highlights the items discussed.
New Client Onboarding: This is a great opportunity to make a huge splash; one that will never be forgotten and will surely be talked about for years to come. Provide a welcome packet that includes a road map of the financial planning process and reinforces what your new client can expect from your services. In that packet, include a note signed by the whole team congratulating and welcoming the client to your family of valued clients. Want to make a bigger impact? Consider a hand-delivered welcome basket that has a congratulatory note signed by everyone on the team, treats, a good book, branded material and so on.
Follow Up and Servicing: Don’t just meet your client’s expectations, exceed them. Unless they’ve requested otherwise, your top-tier clients should expect to receive eight to 12 touches per year, with two of those being in person. As with the Fit and Discovery meetings, come prepared with an agenda, professionally designed material and immediate follow up on any requested information. Be attentive and make sure you’re addressing items important to the client. Great follow up and servicing will keep the relationship strong, and you top of mind.
Client Appreciation Events: Host annual or semi-annual events to show your gratitude. Make them interesting, impactful, educational and fun (because fun is remembered). These events are great opportunities to have your clients bring a friend or colleague. If you have a hard time with this type of thing, consider hiring an event planner so that every detail is well thought out and you maximize the impact.
Office Experience: Your office is a reflection of you and is often the first impression a client will have, so make it a good one. Clients should be greeted promptly, courteously and with a smile. Have refreshments and snacks available. The layout and décor should reflect professionalism and warmth. And for an added touch, send your clients home with warm, homemade cookies.
All this really can make a difference in our industry, as illustrated by a client testimonial shared recently by an advisor affiliated with my firm. After being greeted at the office with a gift of homemade cookies, the client wrote how that gesture and the welcome she and her son received “created an atmosphere that is inclusive and caring.”
Those personal touches reminded her of the way his parents had modeled kindness and care in all their interactions with family and friends. “Each time I leave your office I come away with a similar experience of warmth,” the woman wrote. “Perhaps, in this fast-paced world, we have become accustomed to being hurried through our interactions with one another . . . Thank you for your kindnesses, for not only providing a service but a way of doing business that says, ‘You matter.’ We left your office yesterday having experienced that.”
This sort of dedication to the small details not only cultivates a strong, positive reputation but also drives sustainable growth. By tirelessly seeking to enhance every aspect of the client experience, you position your business at the forefront of excellence, ensuring that clients not only remain loyal, but also become your enthusiastic advocate.
Sidebar: The Five Elements of Extraordinary
If you’re looking to optimize your client engagements, you need to examine your current practices and processes to ensure they go beyond the ordinary and deliver the desired impression you want to make. An extraordinary client experience has five essential ingredients. It should:
Make a profound impact, with the client feeling valued, important and taken care of.
Leave a lasting impression on your client’s mind; one they will not soon forget.
Create an overwhelming desire for clients to sing your praises and share the experience with friends, family and colleagues.
Exceed their expectations and transcend past experiences with other advisors.
Differentiate you from all other advisors, thereby making your competition irrelevant.
You may find it beneficial to lean on the advice of others as you go through the examination process. No doubt you’ve heard the saying “can’t see the forest for the trees.” It can certainly be applicable here. Eliminating personal biases and incorporating diverse perspectives to review your client engagements can be crucial.
By inviting unbiased feedback from outside your immediate circle, you can uncover blind spots and areas for improvement that you or your team may overlook. This external insight will help you refine your approach and enhance an overall experience that will bring a tremendous sense of satisfaction to your clients.