The quality of your advisor client experience can mean the difference between gaining, keeping or losing clients at your wealth management firm. Serving clients well, and continuously improving the client experience, should always be top of mind for your advisory business.

When you consider the advisory client experience, you may think of things such as what your office looks and feels like, the professionalism of your staff and passion prospecting events. However, have you considered how your data, systems and reports can support and enhance—or detract from—your client experience?

If you are like most advisors, you spend a great deal of time trying to ensure the client data in your contact management system (CRM) is up to date and relevant. This is a great practice, but many advisors fail to fully utilize this invaluable source of client information. Advisors who want to get the most out of their client data should leverage reports to enhance client service and improve operational efficiencies.

Start with Efficient Contact Management

The reports you produce from your CRM are only as good as the data you put into the system.  If the data is out of date and not standardized, then data reports could do more harm than good.  If you feel like your contact management data is not up to par, launch a project to standardize your CRM practices.  Here are a few tips:

  • Find a person in your office to be the CRM administrator.
  • Document what you want to track for all of your clients.
  • Analyze reports to ensure the same information is on file for every client and that the information is up to date.
  • Train your staff to update the data as changes occur.

Enhancing Advisor Client Experience

At Carson Institutional Alliance, we promote efficient contact management and the usage of data reports. Our CRM is equipped with over 50 report templates and partners also have the ability to create custom templates. When we train partner offices on how to use these reports, we break it down into two logical categories.

  • Operational Reports: Reports to ensure your client accounts are properly maintained from an operational and compliance standpoint.
  • Relationship Reports: Reports to enhance and strengthen client relationships on a personal level.

Let’s take a look at the top three reports we promote in each category, and why we think they are important to enhancing advisor client experience:

Recommended Operational Reports

Unallocated accounts, cash needs greater than $0, client annual review reports are some of the recommended operational reports that will help you enhance efficiency and improve the advisor client experience.

Recommended Relationship Reports

Birthday and Anniversary, client contact and recent activity reports are some of the recommended relationship reports that will help you enhance client experience.

These are just a few examples of reports that will help you build better client relationships and gain operational efficiencies.  Since every practice is unique, it’s important to work with your staff to develop your own best practices for contact management and reporting, to truly enhance the service you provide to your clients.



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Steve Synowicki

Director of Training
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