Good client service is no longer enough to exceed client expectations. In an age where financial advisors must retain client revenues and relationships, the stakes have become even higher. It requires a committed team, documentation of client preferences, and finding ways to personalize the planning experience. It’s doing the things other advisors can’t or won’t do.
Good client service is no longer enough to exceed client expectations. In an age where financial advisors must retain client revenues and relationships, the stakes have become even higher. It requires a committed team, documentation of client preferences, and finding ways to personalize the planning experience. It’s doing the things other advisors can’t or won’t do.
What distinguishes top advisors, beyond performance or asset gathering, is their ability to anticipate client needs and enrich the relationship. Exceeding expectations does not mean extravagant gestures or excessive time; it’s turning everyday actions into attentive experiences.
It’s finding ways to surprise clients and remember them.
Expected Service vs. Exceeding Expectations
Expected Service: Advisors and their team will respond quickly when a client has a question. They do what they say they will do. They will give updates during scheduled reviews or marketing downturns, as well as hold planning meetings throughout the year.
Exceeding Expectations: Advisors and their team anticipate questions before they are asked. When markets take a downturn, clients will receive personalized communications explaining what’s happening and how it affects their portfolio – before the client feels anxious to call. For top clients, advisors will make a personal call to reassure them that their plan is still on track. They will discuss with top clients how frequently they would like communications and meetings to occur.
Expected Portfolio Management vs. Exceeding Expectations
Expected Management: Advisors will actively manage or structure client portfolios to help meet a specific goal, asset allocation model, or improve performance, while being mindful of tax efficiency. Client meetings are held to review performance and discuss necessary adjustments.
Exceeding Expectations: Advisors will focus on the client’s household and be mindful of the relationships involved. It’s not just about the client’s accounts; it’s about the people involved. The client’s life goals, legacy, family members, and business interests guide every interaction.
The advisor may hold family meetings or financial fire drills to prepare the family for emergencies. If a child is heading off to college, they may assist with filling out FAFSA forms, etc. If a client welcomes a child or grandchild, not only will they send a personalized gift, but they will follow up with guidance on education savings, insurance planning, or schedule a time to review any estate plan updates – without waiting to be asked.
Expected portfolio management focuses on monitoring performance and rebalancing as needed. Exceeding expectations is about forward-looking discussions – focusing on the client’s overall plan and future opportunities to be mindful of.
Expected Marketing Communications vs. Exceeding Expectations
Expected Communications: Advisors and their team will often employ newsletters, marketing campaigns, or birthday and holiday outreaches. These communications are often digitized to make things more efficient and consistent.
The problem with these communications is that they can quickly become impersonal if everything is digital. It doesn’t mean they aren’t valued; they just aren’t ultra-personal or warm.
Exceeding Expectations: Top advisory teams focus on handwritten notes, personalized gifts, and appreciation experiences that tie to the unique interests of each client. If a client loves to smoke BBQ, they might send them a special bag of regional wood chips. They might recognize professional days such as National Doctors’ Day, Nurses’ Day, Teachers’ Day, etc. If a client falls ill, the advisor might send a thoughtful, comforting gift. If the client is a widow or widower, they might call their client on their wedding anniversary or send a “Thinking of You” card during the holidays, or the anniversary of their loved one’s passing, when they are feeling the loss the most.
These communications are not generic. They are empathetic and personal. They help ensure clients feel remembered.
Simplifying the Complex
Clients will receive a slew of communications from broker-dealers and custodians. They can be confusing and overwhelming, not to mention full of jargon. They can create anxiety.
Exceeding Expectations: Advisors who exceed expectations are mindful of their clients’ comfort. They go out of their way to prepare clients in advance. This could mean:
- Explaining the communications clients will receive, and what to keep
- Speaking in plain language, avoiding 3-syllable words when possible
- Personal walkthroughs of online portals
- Creating easy checklists and next steps for important actions
- Helping clients complete actions
Advisors who exceed expectations help make their clients’ lives easier. They foster deeper relationships across generations and close loops with clarity and care.
It’s not just about doing more; it’s doing more of what matters most, consistently and thoughtfully.