Reciprocation
It is important to have open communication and transparency with clients, but this only works if that attitude is reciprocated. It doesn’t matter if you’re a big pension scheme or an individual. If data and information isn’t fully shared, or if emails are missed, or the client isn’t honest, then this will lead to problems down the line.
Advisers shouldn’t have to try and second guess the needs of the client. Good service really is a two-way street and firms should make it clear to the client what they expect in order for the relationship to work effectively.
For example, at Foster Denovo we have included a section on what we expect from our clients in our servicing charter.
Essentially this all comes down to clear, honest communication. That has been vital throughout the pandemic but, like most businesses, the way we communicate has had to be adapted to fit social distancing.
Keeping ourselves honest
Good service is all about clear and honest communication and when mistakes happen, which they will, there is no point trying to hide it.
Owning up to mistakes is very important and shows your client that they can trust you.
For financial advice professionals, it is vital that no one feels that they are afraid to tell clients, or senior staff, that something has gone wrong. Having a strong no-blame culture which supports rather than penalises will ensure that everyone knows they can be honest and that they will get the help they need to solve problems.
Being transparent with a client, then resolving issues in a fast and sincere way shows that as their adviser we put them first and care about the level of service we are providing.
Embracing new ways of working
As an industry, we went from regular face-to-face meetings both internally and with clients, to exclusively switching to webinars and Zoom calls, seemingly overnight.
For the most part, advisers and clients have adapted very well and the pandemic has forced us to realise how technology can improve the relationships with our clients.
For example, we introduced an education programme to ensure that our Partners knew how to use the necessary software, we were able to make sure that they could still give clients the same level of support and guidance as they would usually expect. In fact, we felt it essential to have more touch points with our clients than usual. This was especially important at a time when markets were so volatile, and clients had a lot of anxiety regarding their finances.
This ensured a smooth transition and a continuation of our servicing levels to clients who may have been used to one way of communicating for decades.
Most advice firms had to adapt in a similar way and now realise that the time saved no longer needing to travel for in person meetings leaves more time to spend on servicing. Clients have also found that shorter, more regular virtual catch ups with their adviser is far more convenient and useful than a once per quarter face-to-face.
With the pandemic restrictions having been – in the most part – lifted, both employees and clients are returning to a new sense of normality, but with a few tweaks. We shouldn’t be afraid to adapt what servicing means if that benefits those who have put their financial trust in us.
