Source: The Four Principles of an Extraordinary Client Experience
How to increase referrals and client engagement
As you can see, boosting client engagement and referrals requires ongoing management and education.
As Julie Littlechild, the founder of Absolute Engagement and the author of the client experience white paper, explains, “The traditional approach to designing a client experience supports efficiency, but it doesn't necessarily entertain the notion of deeper engagement and referrals."
That's why Littlechild encourages RIAs to, "shift from very investment-focused communications and events," to addressing, “things clients really care about," like supporting aging parents or paying for their children's college education.
Here are three ways to put that advice into action:
1. Improve educational opportunities
Once you've determined your clients' concerns (through conversations and surveys), you can tailor your educational offerings to them.
As an example, Littlechild suggests holding a workshop for clients who are transitioning to retirement, during which you cover a wide range of topics, including money, of course, but also health, family, and legacy.
Continue to provide clients with accessible, engaging, and non-threatening ways to learn more. These opportunities can be simple and informal. “Nobody says, 'Hey you should check out my advisor's workflow or CRM,'" explains Littlechild. “And nobody shares economic updates." But a compelling event or article? That's another story.
2. Hold value-packed review meetings
Littlechild found that when it comes to client engagement, the quality of review meetings mattered far more than quantity.
Before your next review, she recommends sending your client a short poll that asks them to rate their level of concern on relevant topics, such as the following: