Reasons to Construct an Outstanding Onboarding Experience
In recent years, the term onboarding has been floating back and forth in the financial space. Traditionally, this meant data entry and extensive paper work which bored advisors, as they believed their focus should be placed elsewhere. However, this administrative process has taken a turn, these inconvenient tasks have turned to gold.
Onboarding[HK1] has received a new makeover. It has become a critical strategic process as firms attempt to be client centric. Whether it is for regulatory reasons (Know Your Customer – KYC) or to swing away from the conventional transactional relationship, truly understanding the client’s needs can bring vast benefits.
Why is the onboarding experience so important?
· First impression – as the old saying goes, this is crucial to building a trusting and long-lasting relationship, which leads to capturing the customer’s life time value, and saving costs as it costs a lot more to acquire new customers than to maintain one
· Fierce Competition – if your first impression isn’t a good one, it is likely for clients to search for alternatives as competitors are making it ever so easy to switch
· Word of Mouth – customers are likely to share their experiences with friends and family, whether it is good or bad is determined by the interaction they have with the firm
· Profiling – knowing as much as you can about a customer allows you to match their profiles to similar individuals, and providing success stories which can build trust
· Profitability– rather than continuously going back to clients for more answers, once you know your customer well, you can then offer products tailored to their specific needs, whilst improving client experience and relationship
Join us in London “at the Wealth Management conference” as we welcome industry experts from Quilter Cheviot, Aegon, and Fidelity, who will share their knowledge on ‘Creating the best onboarding experience for new clients’.
Don’t miss out on the latest industry trends, and the chance to network with leading wealth management professionals! Register for your place today with code: MK-ACWEB
· Event Website: http://www.arena-international.com/wealthmanagement/
Arena’s business-to-business events offer a myriad of opportunities for sponsors and exhibitors to drive their businesses forward.
Our sponsorship packages help companies educate ther target market on key industry issues and spread brand awareness throughout the
If you want to discuss how we can help you generate leads and add-value to your corporate and brand image please contact:
+44 (0)20 7936 6948