In their effort to better manage the complexities of integrating their clients’ planning and financial needs, wealth advisory firms are increasingly standardizing the way they deliver services, much like an Apple store, according to a study released last week by Family Office Exchange.
The study, “Enhancing the Client Service Experience,” found that advisory firms are approaching standardization in several ways, like automating processes, eliminating service inconsistencies between offices and regions, and designating teams to be responsible for process improvements and consistency.
“Standardization can help advisors become more efficient, while giving firms a more sustainable business model over the long term,” David Lincoln, FOX managing director of research, said in a statement.
The study found that firms are doing more to bring the client experience to life in their sales processes. Wealth advisors are adopting a more involved needs assessment during the sales cycle.