Home Business Insights & Advice Why is good client management vital in the financial services industry?

Why is good client management vital in the financial services industry?

by Sarah Dunsby
8th Sep 21 11:11 am

When a client communicates with an adviser, how they interact together affects their relationship. If they meet an adviser face-to-face, on a video call or simply speak on the phone this transaction can alter their decisions in the future. These initial impressions make up the client experience. If a client has a good or bad experience this impacts business growth. In the financial services industry, a happy client relationship enables businesses to grow, encouraging repeat custom.

Today, a business that can keep up with the ever changing technological world is vital for success and to help improve client experiences. A customer relationship management system (CRM) allows mortgage and protection advisers to build strong client relationships, keep on track of daily activities, save valuable hours of the working day, improve productivity and increase revenue. A CRM can help advisers by making it easier to improve your service and sales opportunities.

There are businesses which disregard technology allowing their business to fall behind against a tech-savvy competitor because they do not realise good client management is vital. Modern customers expect a personalised experience from advisers. Many clients will prefer to stay with their mortgage and protection adviser if they provide a better service like a CRM can offer. Technology continues to grow faster than we can envision and with this client expectations will widen. The services an adviser has to offer are available immediately elsewhere on the internet. Clients will select an adviser that can surpass their expectations. The benefits advisers can offer include secure data storage and easy accessibility as a CRM can be used by the client from any internet enabled device, mobile or tablet giving you and the client the ability to stay in the comfort of your own home. When you send your clients emails, the email response can go directly back into the client file and leave an audit trail on the client record. This creates an improved customer journey which equates to increased client allegiance.

Shaun Almond Managing Director at HLP said: It is more important than ever before that an adviser can access client data, identify opportunities to meet needs, provide a great customer experience and ultimately stay in touch with customers.”

If a business provides a smooth experience this will improve repeat business. Good customer experience is pivotal, when family or friends needs help, they will recommend a business where they received the best service. Knowing your client’s value is important as this is correlated with increased profitability.

A CRM is designed to give you the tools required to work more efficiently which allows you to write more business and increase client retention. Clients are not always focused on price; they want the best experience they can have while securing their financial futures. They want to be able to know their mortgage, protection or GI application is handled professionally and quickly so they can continue their busy lives. A happier client means higher retention and more referrals which leads to a larger revenue.

A client expects a modern experience, financial services businesses need to step up as good client management is crucial in this industry. A business does not want to fall behind when they can rely on a CRM, like 360 Lifecycle, to keep updated with the latest technological enhancements so both advisers and clients alike can stay ahead. 360 Lifecycle provides an end to end practice management system, that supports mortgage and insurance brokers and IFAs, to grow their business. 360 Lifecycle keeps mortgage and protection advisers on track of their daily activities, saving time, costs, improving relationships and increasing productivity. Our product was built to focus on good client management by introducing a secure Client Portal and FactFind. Our Client Portal allows advisers and clients to interact securely, we have over 125,000 Client Portal users. Our comprehensive FactFind seamlessly integrates with our sourcing partners and saves advisers 45 to 90 minutes of data entry per sales journey. Advisers can source for multiple products on mortgages, protection and GI all in one place making the advice process seamless and compliant.

If you would like more information, you can contact 360 Dotnet directly on 0116 2408621 or [email protected] or you can visit: https://360dotnet.co.uk/ and follow them on LinkedIn and Twitter @360Dotnet.

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