Why Client Feedback Is Key for Hitting Tech Goals

To get a handle on client needs, begin by studying their “usage” levels and how they interact with your firm from a digital perspective. From financial planning programs and risk analysis to performance reporting and your custodian’s platform, the client engagement levels with these different systems likely are varied.

You can find this information through various reports and activity trends. Then ask groups of clients who are “outliners” on both ends of the spectrum — those with minimal activity and the “power users” — about their technology needs.

Understanding the details of your clients’ technology usage and the reason why a particular client is at one end of the spectrum or the other is valuable as you strive to achieve your firm’s technology goals. And goals for each specific type of client might differ.

Also, consider how this client input might be similar or different compared with your firm’s prospective clients. I’ve heard advisors talk about “targeting” a specific prospect type or group, but the advisor has a limited knowledge of its technology expectations. You need to understand the importance of this information for ultimately converting a prospect to a client.

Start by reviewing your firm’s technology and compare it with the experience that is currently available to the target prospects for your firm. As you consider client feedback and whether it is helping or hurting your technology goals, remember the influence that your firm has in the equation.

There are numerous factors and styles of approach that can directly impact the amount of client feedback received. For example, is providing a digital experience part of your firm’s DNA, and therefore do your clients share feedback because they know you want to hear it? Or is it a different scenario, such as your clients are hesitant for a variety of reasons to share feedback — perhaps because you never asked for it?

Finally, have you done enough to train and support your clients? Some systems are intuitive by design and you would expect clients to “get it” quickly. However, there are other systems that might have a higher learning curve. Your clients’ “learning style” can have a big impact, too. Therefore, remember the influence of these variables as you interpret your client feedback.

Dan Skiles is the president of Shareholders Service Group in San Diego. He can be reached at [email protected].