Tag Archives: authenticity

Loyalty in Wealth management requires ‘Chameleons’

Loyalty is like a key performance indicator for wealth managers and worth of mouth referrals are the best leads to new clients. As wealth manager you focus on making your wealthy clients (HNWI) happy. If all (or most) of your clients are happy, we could argue that you do not have to worry about the size of the portfolio you are managing.

Unfortunately, the loyalty subject is not very easy to catch. The loyalty of a 60 year old HNWI will be achieved in a complete different way than for a 30 year old HNWI. Different life stages, different personal interests or different needs are just examples explaining this. Again flexibility is asked from the wealth manager and yet another example of the fact that a wealth manager needs to be a ‘Chameleon’ like. Without going to discuss the role and activities of the wealth managers too ‘broad’, the job of a wealth manager requires increasing flexibility in managing client relationships. HNWI demands have never been as high as they are today and because of the increased diversity of the HNWI population this requires this flexibility of them. Diversity has never been discussed so often.

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What means Customer Experience anno 2014?

…From history to the drivers for change in this year…

For this blog I had the honor to interview B. Joseph Pine II. Author of several best-selling management books around Customization and Experience, speaker at TEDx conferences and contributor to several research papers for the Harvard Business Review. During my last blog I discussed customization of banking services and referred to his thinking already. This blog therefore is an interesting follow-up on that.

I used the inputs from this interview across my blog and want to thank Joe Pine for his contributions at the beginning of my blog.

History

Banking in the past was perceived as something for very smart guys and customers missed the understanding of it. They really needed their bank and its advisors to manage their cash. Today the world looks different. The (product) information is freely available and written in a more understandable way. Customers are looking more at how and when they do their banking. The customers know what is possible and expect it to be delivered in a simple and seamless way. Banks seem to understand that they need not only their customers’ money but the customers in person too!

Although this change is widely accepted and we regularly stepping over to it quickly in our publications, it is interesting to understand how this evolvement took place so quickly. With 2008’s financial crisis and the Smartphone development we have the 2 key components together.

Trust in banks went to an all time low during and after the financial crisis with customers that wanted to be much closer involved in management of their financials. Although we experience a strong increase in customers trust towards banks again, customers will never ever let them act stand alone anymore. They will always be more closely involved than pre-2008 levels.

This is partly due to the fact that they can easily connect with their bank online or by mobile. The ease and speed of those channels make the barriers almost disappearing to do so. What does this mean for customer experience anno 2014?

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