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How Digital Wealth Is Transforming Your Customers

Key takeaways

  • Be as easy to deal with as possible
  • Be accountable. Clients want someone who will be there and guide them.
  • Be resilient in this new digital area. You will try things that are not going to work. The key is persevering and bouncing back.

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Michael Booth

Associate Partner at St. James’s Place Wealth Management

Associate Partner at St. James’s Place Wealth Management

Qn 1: What’s the number one thing your customers want, and what matters to them most? 

Answer: Being offered personalised treatment. With the pandemic forcing all interactions to take place virtually, there needs to be a greater degree of trust and empathy being conveyed. Getting to know your clientele is a large part of offering personalised services. Don’t ever forget the small details. 

Qn 2: What strategies have you used to address the digital gap?

Answer: There are 3 strategies that I deploy: client acquisition, client appreciation, and client servicing. 

Client Acquisition: I partner with different organisations to provide value for clients in terms of education. This takes the form of financial or economic literacy. Ultimately, strategies for client acquisition are concerned with us doing something for clients and not expecting something in return. 

Client Servicing: I focus on developing a relationship with the client. For example, in their first year with me, my clients will have a review with me every 3 months to get them familiar with how I operate. The review also serves as a platform to reassure them that there is a hands-on approach to how their money is being handled

Client Appreciation: These strategies are concerned with treating your clients right. When people are good to you, you have to be good to them as well. 

Qn 3: Which solutions do you currently, or have tried to, use to address the digital gap? 

Answer: Firstly, be accessible. Clients need a convenient way to reach out to you. Secondly, be efficient. No one has the time to review and sign stacks of policy documents. Make your operations smooth and effortless for your clients. Ultimately, people do not have time to work through their financial affairs. Taking these steps will help you become as easy to deal with as possible.