Disrupting the Status Quo - Evolving the way Advisors Support Their Clients

From tougher competition to increasing regulation, the challenges facing independent advisors can appear daunting. Yet, I believe that advisors who face these challenges head-on, disrupt their status quo, and evolve the way they support their clients will navigate themselves out of this red ocean of competition.

Looking back over the past few years, I have found that a common denominator among our more successful advisors is their ability to deliver a highly personalized client experience. It is this group that seems to have steered away from their competition and sailed into a blue ocean. These are also the advisors who have refined their offering and built out their client communication strategy.

Undoubtedly, changing the way you work, introducing new processes or ideas can be disruptive and uncomfortable. But to survive the onslaught of disruption facing our industry, change is imperative. It’s been said that “your biggest breakthrough comes just one step outside your comfort zone.”

Delivering an exceptional client experience is no longer optional. In fact, it is table stakes for any successful entrepreneur. If you were to think about the businesses you have had your ‘happiest’ interactions with and then raved about it to your friends and family, I am sure you will find that it’s the ‘client experience’ that captivated you.

"Delivering an exceptional client experience is no longer optional. In fact, it is table stakes for any successful entrepreneur."

So, to survive as an independent advisor today, one of the first things you need to ask yourself is this: “What am I doing to differentiate the experience my clients have with me and my team when they walk through my doors?”

One of my favourite speakers, Ryan Estis, who was a keynote presenter at one of our conferences, summed it up really well: “In the era of the customer, we have to have the discipline to execute consistently today, and the ability to simultaneously reinvent and reimagine our brand experience for the future.” You can read Ryan’s blog post on our Total Client Experience system – a process that many of our advisors adapt and use – here.

The reality is that clients today want more than just a transactional relationship with their advisor. More and more, the advisor-client relationship is transforming to include a social aspect - one that allows the advisor to form strong bonds not just with their primary client but also with the spouse and family members of that client. It is the nature of the relationship that an advisor has with their clients that drives their success. It is this factor that generates a higher degree of referrals and deepens the trust between the advisor and client.

If you're considering your future as an independent advisor, I encourage you to also evaluate what you do today to distinguish your client experience. Remember, what you do today can make a difference to your future.