Why Do Clients Think Your Technology Is Crummy? – Episode 37
Technology has become an essential part of investors’ lives across virtually all generations. Whether they’re Boomers, Xers, Millennials or Gen Zers, your clients likely expect you to provide them with tech that they can access to make their lives easier. Fail to do so adequately and you face the real risk of losing them to advisors with better capabilities.
With that in mind, consider some key steps you consider when it comes to ensuring your website tech and resources are helping—not hurting—your client acquisition and retention efforts.
KEY TAKEAWAYS
- Clients want to use your website to make their financial lives easier—but they don’t think you’re delivering.
- Educate clients using emails and videos that highlight all they can do on your website.
- Remind clients of your website’s capabilities when onboarding them as new clients and when meeting with them for regular progress updates.
FACE THE FACTS
CEG Insights surveyed approximately 1300 investors, more than 84% of whom have over $1 million dollars of net worth, about their advisor website wants and needs. Some of the key findings include:
- 90% of clients expect to be able to transfer funds using their advisors’ website—but just 39.1% of clients say they’re receiving that online service.
- 5% of clients want to view their account balances on their advisors’ website—but just 66.4% say they can do so.
- 7% want enhanced security features on these websites, but only 25.7% say they’re getting them.
Similar gaps were seen for alerts, client support, risk assessment tools and many other areas. The upshot: Across the board, clients feel they aren’t getting what they want and need from advisors’ website services offerings.
Does all that mean your website is terrible? Most likely, no. We’d bet you offer access to account balances, fund transfer tools and many other valuable services via your website.
But here’s the thing: Your clients probably don’t realize it! And that ends up being nearly as bad as if you didn’t offer those services at all.
Why the disconnect? It’s likely that some older clients simply haven’t explored your site deeply. It may also be that your website is too complicated for clients to comfortably navigate—leading them to overlook what’s on it.
INSIGHTS INTO ACTION
The good news is that you can help clients see all that you offer on your website through some relatively easy steps. Based on CEG Insights’ findings, consider the following actions to educate clients and help them connect the dots:
- If you’re sending out client newsletters or emails, highlight some of your web-based services. Make this part of your messaging to clients to remind them of all they have access to—and how those resources can add value to their financial lives.
- Create short educational videos on how to access specific online services and the steps for using each tool.
- When you onboard new clients and when clients come in for annual reviews, spend a few minutes going over your website’s capabilities.
Important: Be sure to discuss cybersecurity in these moments. Cyber attacks are a key concern among the affluent today, so help ease clients’ minds by explaining the safeguards that are in place.
Remember, all your investments in client-facing technology don’t do you much good if your clients don’t understand that the technology exists. Help your clients see what’s at their fingertips and you’ll position yourself for greater success going forward.
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