Financial Services Focus: Growing Assets Under Management, One Client Conversation at a Time

Top performing financial advisors spend 40% more time with clients relative to the average advisor. That should not come as a surprise. Engaging clients at key milestones along their financial journey is vital to acquiring new clients, retaining their business, and growing their assets.

The need for help is clear – 78% of consumers surveyed by J.D. Power are seeking personalized financial advice, and 89% say they benefited from such advice when received. More facetime with clients means more opportunities for advisors to help them make the right choices. It’s also easy to see how these decisions can impact the growth of your Assets Under Management (AUM).

Asset growth is drive by customer experience

While the need for personal advice is clear, investors’ decisions about where they place their assets are highly influenced by their customer experience. Forrester research data shows that even the slightest improvement in CX scores can yield significant growth in Assets Under Management.

Firms that are recognized for superior customer experience have several common attributes – they get high marks for advisor availability, more personalized advice, and a frictionless engagement process. In a survey of retirement plan sponsors, being accessible when needed was the #1 reason clients view their advisor as a good fit.

Positive, ongoing connection with clients is the engine that drives engagement, action, and asset growth. And according to PWC, financial services firms that provide great experiences earn up to a 16% price premium and enjoy higher customer loyalty.

The quickest path to superior customer experience and asset growth

Despite the rise of digital technologies, 92% of consumers say it’s important to have a live meeting with their financial service provider. Data shows that even in this day and age, communication between investors and advisors is primarily done via traditional channels such as phone (73%) or in-person meeting (61%).

Yet finding the time for a meaningful sit-down with an advisor can be a time-consuming and frustrating effort – one that often entails countless back and forth emails and phone calls. Even when a meeting is scheduled, there is always the threat of something “more important” popping up – resulting in high rates of cancelations and no-shows. And with no advance visibility into the topic or goals for a specific meeting, multiple sessions are often required to provide a thoughtful response and complete the required paperwork.

Intelligent Appointment Scheduling not only automates meeting setting, it also puts the client in control. It allows clients to select the best time and place to meet with their advisor, while eliminating the time-consuming email and phone tag involved in traditional scheduling methods. Providers that use Intelligent Appointment Scheduling can increase meeting bookings by up to 30% and eliminate as much as 90% of no-shows.

Most importantly, it ensures that every meeting is highly effective and that both advisor and client arrive prepared with all the necessary information and documentation – minimizing the need for additional appointments.

Jason Hill of Client Focused Advisors offers a good example of the difference Intelligent Appointment Scheduling can make: “The traditional back-and-forth to schedule an annual review is painful for both clients and advisors. I recently sent a personal email to clients to schedule a meeting through TimeTrade, and close to 50% of them had scheduled within three days.”

Empowering the remote advisor

As people get more comfortable with the use of technology, remote meetings provide a cost-effective option for connecting with clients. With Intelligent Appointment Scheduling, participants can schedule phone or virtual appointments with remote advisors and reps just as easily as they would schedule an in-person meeting.

Customer support teams are also better prepared to serve participants by automatically routing service requests to the best resource based on current needs and historical activity, reducing hold times and providing a consistent experience across all channels.

Key takeaways

Whether you are a retirement plan provider, a broker/dealer, fund manager, or an independent advisor, spending quality time with your clients and providing personalized advice is where the rubber meets the road to higher AUM.

Trusted by more than 500 enterprises and over 30,000 businesses, including top financial services providers and ten of the top 20 banks in North America, TimeTrade Intelligent Appointment Scheduling provides a quick path to delivering a superior customer experience across all channels – enabling advisors to engage customers at key decision points, build trust, and drive asset growth.

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Written by Lauren Mead

Lauren, TimeTrade's Chief Marketing Officer, is responsible for TimeTrade’s marketing strategy and execution, including branding, messaging, demand generation, digital and product marketing, and public relations.

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