Innovation in client services – what advisers can learn from other industries

Financial Advisory

Financial Advisory


The Findings - Winning Advisers, 13 October 2015 - Tylney Hall, Hook, Hampshire





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Sponsor introducing: Tom Sheridan, 7IMEngage Insight    

Facilitated and written by: Chris Davies 


It was generally felt by the group that it was time to change and learn from other industries in order to keep ahead of the game.

That said, no single industry has a monopoly on new ideas and advisers are encouraged to think ahead rather than to wait for others. 

Headline finding 1:

The customer is key: attention needs to be paid to the client service propositio and they need to ensure that the solution they offer provides a balance of quick deliverables and long term care. 

Headline finding 2:

Change is the law and companies who do not innovate will end up on the back foot or bankrupt – look at the case of Kodak and the Post Office. 

Inspiration on this front can be drawn from firms like Amazon, Google and even Heinz who innovated with the  introduction of non-tin cans. Likewise, Oaklands Athletics’ use of data driven performance was seen as an inspiration.  Sport is no longer just about season tickets, but is also undergoing digital transformation. 

Headline finding 3:

Content Management Systems and social media can broaden the audience – a tool which has been used by Tesla and BP. 

Social media and the digitization of media has seen a decline in the number of customers for both print and online news subscribers.  The Financial Times, for example, has witnessed a decline in revenue and users. People now view news on a ‘flyby’ basis through sites such as twitter. 

Unions previously had strangle hold on print industry – now customers are creating the news through Social Media and we are seeing an increase in the quality of journalism 

Headline finding 4:

Can the financial adviser business exist without advisers?  The answer was no. 

However, it was acknowledged that advisers will need to move towards more of a virtual base in addition to their head office.  It is now crucial that advisers understand their market segmentation. FCA research has shown that 60% of customers are going online to invest independently. This raises the importance of the role of robo-advisers like Betterment in the USA. 

Headline finding 5:

Demographics is an important consideration as there is a whole new market that needs to be engaged with, the 30-40 year olds 'HENRY- High Earners Not Rich Yet'. Segmented strategies to engage these audiences is important, 

Key innovative client strategies:

  • Tracking changing consumer behaviour 
  • Brand importance and  sales experience
  • Technology that matters e.g. True Potential-impulse save 
  • Relationship driven service propositions
  • Generational issue - who runs the business and how to recruit the right people 
  • Sense of stewardship - apprenticeships career progression to service the next generation 
  • New tech: biometrics - Robo advice natural language what do clients want? i.e. this product this premium this term seen as opportunity 
  • AI - customer service centers analyses all enquiries and learns themes - show risks across letters, emails and the phone 
  • Picture of client on CRM system i.e. relate to client face - security also 
  • VoIP- Small biz intro now - voice recording helps advice suitability – meetings/calls verbally download & scripted 
  • Integrated front end back end platforms