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12 December 2019

Whitepaper: Digitizing the client experience

By Steve Leivent

Client experience has become somewhat of a buzz phrase in the advisory space. It’s something that every firm seeks to excel at, but what does it really mean? Encouraging as it may sound, it’s certainly a lot more than just the “good vibes” between an advisor and their client. Client experience (or CX, as many industry pundits now call it) can actually be codified and factored into a firm’s everyday processes and practices.

We break it all down for you in a new whitepaper, Digitizing the Client Experience to Compete and Grow where we outline that every interaction a client has with your firm makes an impression – positive or negative. Client experience can be thought of as the sum total of those impressions across all touchpoints. By mitigating or eliminating the risk of a negative impression during the client journey, your firm stands to improve the overall client experience you deliver. No interaction can be taken for granted.

What makes this problematic is that more and more client interactions are taking place in the digital realm. In other words, your clients are forming impressions of your firm even when no one is immediately available. In the era of smartphones and on-demand service, clients who are digitally savvy have come to expect fast, intuitive, and friction-free online experiences in every aspect of their lives, and they expect no less from your firm.

By now, you are well aware of the need for a strong online presence. A client portal is a must-have, as well as mobile access. Allowing online access to information is not enough; you need to ensure your firm’s online presence is a positive reflection of your service value. Is your firm’s online presence a reflection of the high-quality client experience you provide?

The reason all this matters, as our whitepaper illustrates, is the shifting dynamics of costs and value perceptions in the wealth management industry. We see the services that clients were once willing to pay for have become commoditized and are now the new norm. Models and algorithms can perform asset allocation and select securities efficiently and effectively – and fees are plummeting accordingly. Conversely, technology has the power to strengthen CX and build lasting client relationships, which could be the differentiator you need to stay competitive.

Our whitepaper explores the building blocks of online interaction that will enhance the client experience. It also shows how the Black Diamond Client Experience, the interactive client portal within the Black Diamond® Wealth Platform, drives positive interaction at all touchpoints. To get a better understanding of what CX is all about and how to optimize it in the digital age, read the whitepaper.