When you make a promise to a client, are you confident your staff can – and will – keep it?
Many businesses, especially in financial services, struggle to identify and define their client value proposition (CVP). The AFA 2010 White Paper provides valuable insights from consumer research.
One area covered in the research was ‘loyalty drivers’. The responses to the question “Which of the following are important for choosing and staying with a financial adviser?” were:
- Your adviser takes time to listen/explain things to you – 82.5%
- Your adviser is available when you call and/or returns calls promptly – 75.7%
- Your adviser resolves account issues/questions quickly – 66.9%
- Your adviser proactively manages your account and/or suggests changes – 65.8%
- Your adviser is affiliated with a reputable organisation – 43.7%
- Your adviser is calls you on a regular/ongoing basis – 35.7%
(263 respondents, multiple answers allowed)
The first four are clearly the most important to the financial advice clients surveyed. All four depend on you having the right people in the right roles. These services are all time-consuming and unless you can rely on your staff, you are bound to under-deliver and disappoint.
Having staff who can deliver on your promises is a combination of your recruitment, selection, induction, training, performance management and coaching practices. Any weak points in these practices will carry over into how you’re perceived by your prospects and clients.
Some questions for you:
- Are you confident you can deliver these loyalty drivers on a consistent and regular basis?
- How much will you achieve if you don’t have skilled and productive staff to back you up?
- How would you cope with client disappointment?
As you reflect on the answers and how they impact your CVP, we are here to help. Extensive experience in people management, many year’s coaching financial advisers and cutting-edge tools mean we can identify issues quickly and set you on the path to your CVP goals. Contact us here.