A Tailored Service

By Carl Roberts

According to a recent Harvard Business article, companies are building much deeper ties with their customers than ever before. Technology is enabling them to offer a much more tailored service.

Take, for example, Disney. At their theme parks, they  give out wrist bands (called MagicBands). These bands track the visitor so that when they come across a Disney character, the character will greet them by name and even wish them a happy birthday if appropriate. The bands also communicate to the visitor which ride queues are quiet and where there are offers on snacks.

Or look at Nike, who now include microchips in some of their shows which allow them to track fitness data and design products according to customers' fitness preferences.

We’re Behind

When it comes to technology, the financial services industry is way behind.

For many years technology hasn't served us well. Thankfully, this is starting to change. But there is still a long way to go.

Whilst we as a profession await and test the latest technology offerings there are other areas that might be easier and quicker to change.

I believe a typical financial advice firm will still:

• Work 9am-5pm Mondays to Fridays
• Meet only at their offices
• Provide the client with no online access to their investments
• Only interact with a client once or twice a year
• Provide only one type of service model, full financial planning, take it or leave it

There is no customization for the client here. It's all on the adviser's terms. This way of working is now out of touch with potential clients.

Customizing For The Customer

In a separate article I wrote about how it is time we offered different kinds of service models that suited the client.

For example, some clients only need ad hoc advice and are quite comfortable managing their own investments on a direct to consumer platform. They don't need a fully managed service where they can't make withdrawals without an adviser doing it for them.

As well as implementing the latest technology for cloud storage, electronic signatures and personal finance apps for clients we have also implemented:

• 24/7 meetings
• Meetings at a location which is convenient for the client whether that be our offices, their home, their work or their favourite coffee shop
• Online video meetings including quick video calls when they need to see a friendly face!
• Social media strategies for all major social media brands that keep our clients informed daily of work we are doing, things to think about and things they should be doing

It's nothing like the scale of Disney or Nike but it's a start. We'll always be asking our clients and potential clients for feedback and what suits them and will then jump through hoops to deliver it.

Carl Roberts is a Managing Director and Chartered Financial Planner at RTS Financial Planning. Read his full profile here.

The views expressed in this article are that of this author and do not necessarily reflect the views and opinions of Voyant.