Fact: If your clients aren’t happy with you, they won’t stay. Today, a big part of that client satisfaction is your technology and if and how clients use it.
Therefore client feedback is important but could be a false-positive. Your clients may tell you that everything is great with the technology, but they may have no idea what “great” technology looks like.
Or worse, there’s no client feedback regarding your technology, and you wrongly interpret this as a positive. Then, when a fire drill happens you are surprised your clients are not as happy as you thought. That’s when you realize you haven’t delivered on your clients’ needs from a digital perspective.
What can you do to avoid this situation?
Advisors can fall into client technology “satisfaction” traps. Consider this statement: “My clients don’t really need or ask for specific technology solutions from my firm.”
Do you really think clients would agree? This perspective essentially lowers the bar in the advisor’s eyes about what they need to offer as part of their client-facing technology. When you do a deeper dive on this perspective, you often find that this client feedback was purely coincidental, from too small of a sample of clients, or even “outdated.”
The reality is most advisors haven’t done sufficient work to understand their clients’ needs and expectations of the firm’s technology, especially as opinions can change over time.
Therefore, be critical about whether or not you really know this information. Obviously, anecdotal type client feedback is helpful, but make sure it is not the primary driver for setting goals for your technology offerings.
Tapping Into Client Needs