Experience is everything. With price differentiation decreasing and client expectations increasing, firms compete on client experience more than ever.

But what do clients actually want in a financial experience? There are five key qualities to be on the lookout for.

Personalised
Clients do not want one-size-fits-all advice or the same recommendations as everyone else. They want to be known and understood by their adviser and have that come through with customised recommendations and a personalised experience.

One survey found that the two reasons clients “break up” with their adviser are the quality of financial advice and the quality of their relationship. The best way to retain clients, according to the survey? Gain a deeper understanding of your clients and their unique needs and goals.

Clients do not want advice that is generic or not personalised to their lives and goals. A great experience starts with advisers building a relationship with their clients and getting to know them, including their interests, goals, life events, future plans and priorities. It also comes through in personalising how clients want to be contacted and delivering an all-around experience that meets their needs.

Convenient
It is no surprise that today’s clients are busy and want to make the most of their time. An ideal client experience is convenient for them, making it easy for them to feel connected to their finances and involved without requiring too much time. Research found that 22 percent of consumers are dissatisfied with their current financial advice because it is too complex to follow. Convenience means providing simple and effective workflows that do not require clients to jump through hoops or have a degree in finance.

Clients want advisers to be available and provide frequent, clear updates. Empower clients with resources so they can access their portfolio on their own schedule instead of waiting to hear back from the firm.

Digital
A convenient experience is nearly impossible without digital tools. Clients value their time and want advisers to lean into digital tools to save time and simplify processes. With the right platforms and dashboards, clients can do everything from completing paperwork to checking balances quickly and conveniently.

A digital-first experience begins from the start and automates many aspects of data collection during new client onboarding. It can also include using digital tools to show clients various scenarios and projections. Online dashboards or portals provide clients with a convenient way to view everything in place and communicate with the firm as needed. If there is a way to add digital tools or automation to the experience, chances are that clients will want it.

Transparent
Part of having a strong experience is being able to trust the adviser and know where their money stands. Clients want advisers to be honest and upfront about services, fees and potential conflicts of interest. One survey found that more than half of clients consider transparency to be an extremely important factor when choosing an adviser.

Part of having a strong experience is being able to trust the adviser and know where their money stands. Clients want advisers to be honest and upfront about services, fees and potential conflicts of interest. One survey found that more than half of clients consider transparency to be an extremely important factor when choosing an adviser.

Expert
Clients want to feel like they are getting value from their financial adviser. That comes through in the financial advice and how advisers answer questions and explain financial topics. Younger investors in particular tend to be more involved with their money and want to learn from advisers. In their eyes, a smooth experience involves feeling open to ask questions and receive accessible answers. Clients want a collaborative approach to make decisions with their adviser instead of simply being told what to do.

Your best partner for providing a smooth client experience is Docupace. With dozens of integrations, we can create a customised, digitally led platform for a smooth back-office and client experience. Click here to schedule a discovery call.

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