Technology in today’s environment has shifted how clients find financial advisors, how they interact with them, and even how they collaborate to create financial plans. Join Joel Bruckenstein and a panel of guests including Rick Williamson, Redtail’s Director of Training, for a dynamic panel discussion to hear how advisors are using technology to run their businesses.

Topics will include:
• Maximizing your client journey for ultimate scalability
• How to get a deep understanding of your clients to provide more personalized and valuable advice
• Delivering an intuitive advisor and client experience
• Lead generation tools and tactics that convert leads to clients
• A glimpse of T3 Advisor and T3 Enterprise Conferences

Moderator: Joel Bruckenstein

Panelists:
• Rick Williamson, Director of Training, Redtail
• Sarah Rasmuss, Chief Product Office, CircleBlack
• Andrew Rogers, Senior Product Manager, Carson Group
• Diana Cabrices, VP of Enterprise Development, Snappy Kraken
• Matt Thompson, Head of Training, MoneyGuide

Register now to watch a replay of this discussion here.

We know that the financial services industry is evolving rapidly. It was evolving, of course, pre-pandemic, as advisors struggled to adapt their businesses to the challenges of developing relationships with a younger generation set to be beneficiaries of the Great Wealth Transfer. But, as we slowly transition to what we hope will be a post-pandemic future, there’s no putting the genie back in the bottle with regard to the service and experience options millennials (and, really, everyone else) will expect moving forward. Your kids are going to expect it – and so are their grandparents.

In Redtail’s Working Remotely 2020 Survey we were happy to see nearly 86% of respondents were at least somewhat prepared to work from home in terms of their technology when the pandemic forced them to do so. The industry was already trending this way, and Redtail has always preached workplace mobility while developing solutions to support that, so, while those results weren’t exactly shocking to us, they did reinforce our belief that we had the ship pointed in the right direction.

Still, while technologies proved largely resilient in the face of pandemic-related challenges, our survey also revealed that processes remained largely unchanged as well. As we all know, Zoom usage skyrocketed, representing both a technological shift as well as a process shift in terms of client communication for some points of contact. But, who was being talked to and what was being talked about remained remarkably consistent with what was transpiring prior to COVID.

The pandemic confirmed our adaptability

While the past year created unforeseen challenges for so many, moving forward advisors should take advantage of the opportunity to incorporate what they have learned from their experiences and embrace this as a natural pivot point. There’s no denying that early on during the crisis it was largely about showing you could still provide service to your clients when limited to mostly virtual contact. Now though, as advisors have embraced the change elements that worked, it’s time to address other challenges that many offices have thus far avoided.

Much of what needs to change centers around who you are talking to and how. Many advisors have been slow to engage with younger generations who are fully comfortable using modern technologies for all types of interactions, both personal and professional. It’s essential that advisors take a hard look at their processes and their technologies to determine how they can best be a meaningful presence in younger clients’ lives.

Continuing to offer virtual meetings, at least if that’s what a particular prospect or client desires, is pretty much a no-brainer. We can’t be complacent though; seeking ways to improve upon virtual interactions so that clients continue to find value in them is a must.

Similarly, fully embracing texting as a method of communication where appropriate should be high on your radar if you haven’t already added that capability to your practice. Doing so will give you greater access to younger generations who treat texting as their primary form of communication; it will also open up more straightforward channels for communicating simple items like meeting confirmations with older clients, who have embraced texting at this point as well.

Data points breed communication opportunities

In our 2019 survey we learned from over 3,200 wealth management professional respondents that “less than 6% consider any client characteristics outside of age, income, gender, or education for the purpose of crafting tailored client content”. I cannot emphasize this enough: we are SO MUCH MORE than those four things as individuals.

Quite simply, it’s going to take more effort. Offices are used to saying “here’s what we’re doing, here’s where we’re invested”; but, knowing and caring about people on a deeper level is what’s going to lead to greater successes with millennials. As a millennial myself I can tell you part of what drives this is the desire to “be seen”. For advisors, getting to that level of knowledge that strengthens your relationships and allows you to communicate with younger generations in a way where they feel seen may mean changing up some of your processes in terms of both gathering and recording client data points.

My best advice on that front is to use your CRM to track every bit of info you learn about your clients and prospects, recognizing that people are often most passionate about the very things that are most personal to their lives. When you care about your clients, your CRM can augment your ability to express that in a lot of different ways. You can look over the information you’ve recorded prior to or during interactions with each client to refresh your memory about who they really are and reconnect with them on those things they are passionate about when organic opportunities to do so arise.

Connecting Today with the Future

In 1985’s Back to the Future, one of the more iconic scenes features Marty McFly (portrayed by Michael J. Fox) strapping on a Gibson ES-345 and tearing through Johnny B. Goode as he introduces a 1955 school dance crowd to rock ’n’ roll. Reacting to their confused stares at the conclusion of his performance, Marty says, “I guess you guys aren’t ready for that yet. But your kids are gonna love it.”

Fun fact: the aforementioned model of Gibson didn’t actually exist until 1959. My point in bringing this up isn’t to condemn the filmmakers for the historical inaccuracy or to argue this mistake merits a franchise reboot to set the record straight: instead, I believe this bit of blockbuster trivia illustrates two key ideas to bear in mind when you are attempting to transform parts of your business in order to embrace the future. The first: sometimes you’re going to make mistakes. The second and more important idea: the future is always here before we know it and pretending otherwise won’t get us where we want to go. Or, as put another way in a popular Chinese proverb: “The best time to plant a tree was 20 years ago. The second best time is now.”

Repetition can be comforting

One notable quality of many forms of media produced specifically for children is the repetition of a phrase intended to firmly root an idea or lesson in the mind of the child. Since it’s common for kids to watch the same movies over and over again, or request that we read the same books to them night after night after night, I tend to think of these types of phrases as something similar to a security blanket, something that brings comfort in a world that is often anything but. Think “just keep swimming” from Finding Nemo or “hakuna matata” from The Lion King or “once upon a time” from, well, pretty much everything.

A movie from 2005 called Robots (that is not-so-memorable otherwise) has succeeded in establishing a permanent place in my memory strictly on the strength of one such phrase repeated several times: “See a need, fill a need.” Simple, yes, but also a pretty complex idea for a kids’ movie, if you ask me. I believe it’s stuck with me primarily because the people I most respect, love, and aspire to emulate are those who live this idea through their actions and words.

A little background . . .

My parents have many great qualities, including organizational skills, attention to detail, extremely strong work ethics, and persistence. Nonetheless, one ongoing struggle they have always been challenged with is how to successfully manage their finances. I’m frequently reminded of the irony that the industry I have ended up working in is geared toward helping those like my parents for whom money management is their Achilles heel.

When I was 14, I already had my Dad’s work ethic. And, at the time there was not very much food on the table. I began babysitting for a family that was much more comfortable financially than my own. But, this wasn’t normal babysitting. My mom always insisted that babysitting meant clearing out dishes in the sink, doing laundry, and generally picking up, as well as doing some light cleaning. So, babysitting became nannying, then housekeeping, housesitting, extreme house cleaning, and even teaching homeschooling curriculum, all by the time I was sixteen. I would even give my paper planner to my employer and she would call her friends to fill the open times in my schedule for every weekday in high school and weekends.

It took years and the perspective that comes with hindsight for me to understand that the woman who employed me saw a need and filled a need. Not only did she fill my calendar; she mentored me financially and personally. She also frequently sent me home with leftover meals and food they “weren’t going to eat or didn’t like.” I had blueberries for the first time, along with Brussel sprouts, avocados, and much more! Only recently have I realized that she purposefully brought home extra groceries to be able to send eggs, milk, and other staples we just couldn’t afford home with me. Out of everyone in this world, she is the angel in my life who saw what I needed and, without being asked, singlehandedly set my life straight by being exactly what I needed at the time. She was an invaluable resource in my life, not because she had to be, but because she chose to be.

Build relationships by being there

Identifying where there are deficits is a skill, one that is honed and improved on with practice. Are you working on developing this skill with your book of business? In your office, is there a directive to focus on client needs? A need can be anything the client requires assistance with that you have the power to help with.

The potential for meeting client needs can vary widely but might include such actions as reminding clients to re-up their insurance coverages yearly, reaching out prior to driver’s licenses expiration dates, or prioritizing “just because” points of contact for clients who seem to take comfort in those types of interactions, which is often the case for those who live alone.

One theme I see over and over again among advisory offices is that clients who are not consistently engaged with outside of client reviews are much more likely to either cancel services or to present surprises during the review, such as having moved months prior without notifying the advisor. Staying on the client’s radar is imperative for a successful advisor-client relationship, particularly for those clients who’ve made it clear they need those extra “touches”.

When you’re fulfilling these types of needs, you’re also solidifying a firm presence at the forefront of your client’s mind. They’ve enlisted your aid because they either don’t have the time or they don’t have the ability to manage their finances on their own; when you anticipate their needs and fill them, some of the magic of the proverbial security blanket will hopefully rub off on you and allow you to offer a measure of comfort to your clients. Wouldn’t you rather hold that place of honor in your clients’ minds than cede it to something like a silly movie from 2005 about robots?

When it’s reached the point where customers stay with you in spite of rather than because of the customer service you provide, it’s probably time you begin establishing a hierarchy of priorities in order that nothing is left undone, including those critical opportunities to delight your clients.

I’m a crafter, and during my visits to a chain craft store near me it has become a normal experience to find employees in sour moods. At first, I was pretty shocked at the attitudes they displayed in their customer interactions; I mean, I work at Redtail where we strive to make our customers raving fans. But, as I crafted more and went back to the store frequently, I made it my personal mission to turn the employees’ days around. I would be overly happy, smile, and thank them profusely, all in hopes of spreading a good attitude. But nothing seemed to work.

Every time, the culture at this store was so toxic, and I typically left in a bad mood as well, despite my intention to brighten theirs. My craft shopping became a chore that I dreaded. Unfortunately, there are no other stores close to me that carry the same products, and ordering online is usually not an option due to the desire for specific fabric or materials, or an immediate need for tools, etc.

Much to my surprise on a recent trip to The Dreaded Craft Store, I had a perfectly normal experience. Unlike other times, there were no mistakes, no mispriced items, and, while employees were not overly kind in any way, no signs of the rude behavior I had come to expect. This time I left the store delighted!

And then . . . I thought about it. Should I have been delighted just because they hadn’t ruined my morning? A basic service can be found most anywhere, but clients generally have options. I was giving up an expectation of courteous service for convenience. Are your clients doing the same? And will they continue to do so if there are other options that are just as convenient?

Yes, we are in the middle of a pandemic. Yes, many families, businesses, and communities have been adversely affected. However, is it possible that service standards may have declined in some instances due to excuses that staff is “adapting to these uncertain times”, “making adjustments to unprecedented events”, etc.? Has your office perhaps engaged in any of these excuses to explain away an increase in mistakes, delayed projects, etc.? If so, one possible solution to get everyone back on track is to eat a frog.

I’m not joking – they are delicious! Boil them, bake them, drop them in a deep fryer, or whatever your preference may be – go for it!

“If it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.” ~Mark Twain

Mark Twain devised this metaphor of “eating a frog” to demonstrate the importance of prioritizing tasks and breaking down projects into bite-sized pieces to make them more manageable. The gist of his witticism was that if it’s your job to perform a task that you have no motivation to do, then it is best to perform that task first thing – then you can know that the worst is behind you. So, which of the many tasks on your plate look like, taste like, or hop around elusively like frogs? Tackle those first! Easier said than done, right?

Let’s break it down even further. Looking at all the tasks on your team’s to-do list, which of them are absolutely essential to the operation of the business? Account openings, trades, annual reviews, renewing business licenses, compliance documentation, broker dealer requirements, and so on. Those are some big frogs! Better consume them first.

Next, which of the items are “customer service” related. These are the things that are “nice to have” and provide a basic client experience. This may include appointment reminders, thank you cards, birthday cards, personal touch phone calls or check ins, and more. Eat the big frogs first, but make sure all of these items are taken care of as well.

Lastly, what are your firm’s opportunities to delight? Thanksgiving is approaching and many households will not be celebrating in a traditional way. What can your firm do to delight clients around this time of year? Maybe you are going all out with supporting a local bakery with pie orders to be delivered to clients. Or doing something as simple as emailing a recipe to all business contacts. Perhaps you’re recording  a video of yourself  cooking a family recipe and sending the YouTube link to clients. Opportunities to delight abound, but you’ll never get to them if you’re still procrastinating about the items you should have taken care of to begin your day.

Yes, most of my ideas revolve around actual recipes; your recipe for delighting clients may not involve food in any way. Regardless, this is the time of year, either literally or figuratively, to dust off those baking pans and fire up the oven; bonus points if your recipe includes frogs in the ingredients list.

In Part 1 of this post, I explored some of the ways Disney celebrates their guests and strengthens those relationships to build lifelong fans. And, I ended with this question for you:

So, how can you celebrate your clients like Disney does? Let’s jump into some of the ways you can accomplish this now.

It starts with recognizing the small, important things. Important dates are one thing, because OF COURSE you should be recognizing birthdays and anniversaries. What about the other things, though? How can you possibly celebrate the things your clients love if you don’t record them in some way? When you’re celebrating something as simple as a birthday, everything is tied together. Your ability to celebrate is based on having that birthday on file. Your ability to escalate your celebration is connected to having those additional details on file to provide a unique experience to them. Your ability to enable your staff is tied directly to what type of information you have about your clients and how you clearly establish ways to act on that information.

Using a simple birthday example, we can use what Disney applies to celebration to make it something really special. Sure, sending a birthday card through a marketing service is fine, but what if you sent that birthday card straight from your office signed by everyone? What if that birthday card was customized to their favorite sports team? What if that birthday card had a gift card to their favorite restaurant? What if your staff is properly educated and enabled to reach out to clients, to provide them with their favorite beverage at meetings, to small talk with them about personal details while they’re in the office? These types of details allow you to celebrate your clients, escalate that celebration by using personal connections, and enable your staff to act on those details to further deepen your relationships.

So I ask again: how are you planning to celebrate your clients in 2020? I would encourage your office to implement the ways of Disney, and that starts with the data you gather. Look for ways you can build relationships through the things your client holds close. Some favorites to consider might be:

• Sodas
• Snacks
• Restaurants
• Coffee
• Sports Teams
• Alma Maters
• Car Types
• Recreational Activities
• Vacation Spots
• Pet Names
• Hobbies
• Traditions
• Holidays

Use your CRM to track this information, but be choosy about what’s relevant to you as an office. An office that doesn’t really watch sports is going to have an awkward time trying to connect through sports, after all.

Once that data is collected, look at ways that you can turn up the celebration. Small gestures like sending themed cards, having favorite consumables in stock at the office, or connecting with conversations about traditions, hobbies, and more can bring incredible value to your relationship.

Lastly, set a clearly defined culture that gives your office staff the ability to use this information to connect. Give your team the freedom to open up conversation, to celebrate the little things, and to do so spontaneously.

According to Cerulli Associates, there are more than 300,000 financial advisors in the industry. What you do isn’t what makes you special, but rather how you do it. Hundreds of thousands of financial professionals are providing similar services as you, but are they taking the extra step to deeply strengthen their relationships?

Through Redtail’s 2019 AdvisorComms Survey of over 3,200 financial professionals, we discovered that “less than 6% of offices consider any client characteristics outside of age, income, gender or education for the purpose of crafting tailored client content”. That finding definitely jibes with my informal estimation of how many hands I saw raised when I posed my tracking client favorites question to audiences over the course of this past year. It just seems to me like we can do better in this regard, that we must do better in this regard, if we want to stand out from the crowd rather than blending into it.

By taking the time to celebrate your clients a little more, by caring about the things they care about, and by using those things to build stronger relationships, you have the potential to greatly separate yourself from others. Not by numbers, not by efficiency, but by caring and celebrating just a little bit more than the others out there.