So, you’ve closed. Congratulations! You have landed the lead and the sale is complete.
Or is it?
While the customer acquisition stage may be over, the successful onboarding and the creation of a lifelong client has just begun.
The onboarding process should be fast, frictionless, and as easy as possible from the client’s perspective. This overtime period of the sales funnel is an opportunity for advisors to demonstrate professionalism, transparency, and a commitment to the client’s best interests. Your new client has made that leap of faith by placing their trust in you and in the products you have recommended, so now is the time for producers to execute their white-glove concierge service.
Every touchpoint—contract completion, money transfer receipts—should be communicated to the client. Even if there is an automated digital transfer with an alert from the carrier, it pays to check that everything appears in order from the client perspective. This reassures them that they are in safe hands and that they have made the right choice.
Many advisor-client issues originate with unclear expectations and miscommunication at the outset, so attending to the details here is mission-critical.
There is no escape from the inevitable paperwork that comes with account setup, so your processes and accuracy here should be flawless—no misspelling names and recording incorrect account numbers! The cost of simple errors here can be irrecoverable.
The streamlined onboarding process helps the advisor as well as the client. Any and all contracts you may have for the client should be sent as soon as they sign. Getting contracts efficiently processed and finalized will reduce the time from close to commission and will reduce the look window exposure. Ideally the client will be happy using digital documentation (Everify, Docusign etc.,) for fast secure document sharing and signature.
Once all documentation is finalized and payments have been made, this is the opportunity to send a questionnaire. The language and content of the document should be framed in the context of how you might help the client in the future.
The value for the advisor here is to gain a clear picture of the client’s financial situation and the ability to plan a sales strategy over time. A deep understanding of the client’s financial goals, needs, risk tolerance, and preferences can give you hugely valuable insights.
Optimizing the initial stages of your client relationship is the ideal proving ground for landing more HNW clients. Naturally, that market requires an elevated level of service, so the more polished and smooth your onboarding is, the better your reputation and referrals will become.
True onboarding is a foundational step in becoming an indispensable financial professional to your clients. The twin keys to success here are an optimized internal administrative process, and a keen sense of client care. These qualities will make your onboarding a springboard to writing more business with your happy client and their cohort.
Even simple and small improvements can be transformative and can pay off in a big way.
So, what could your advisory business improve to enhance its client onboarding process?