Anxious clients need their advisors to show leadership

No surprise that during COVID-19 some clients may be feeling less confident but it’s up to advisors to take up the challenge and show leadership, says Julie Littlechild, founder and CEO of Absolute Engagement.

Littlechild, who examines the drivers of client engagement, told a recent virtual FP Canada symposium that COVID-19 is disrupting client relationships, even among the high net worth, leaving investors feeling vulnerable and anxious.

Almost all the advisors her firm has talked to recently said the client experience needs to evolve – right now – because the clients’ needs and expectations are changing and they need leadership.

Littlechild said there are a number of ways advisors can respond.

Invite client input

One is to invite input from clients, asking them questions that will help advisors really understand clients.

“We want to know want they need, where they’re challenged, how they define extraordinary [advisor service] and then it’s your job to close the gap,” she said. “We can’t rely on our clients to tell us what to do. The best we can do is to have a deep understanding of their needs and build the experience to meet their needs.”

Littlechild said advisors might find that clients need more contact over the next year – not necessarily by phone or email, but perhaps through social media.

Have a clear plan

But, however they want to relay it, advisors must have a clear plan for clients. Only half of the advisors Littlechild has talked to said they had asked their clients about interest in services such as life insurance and estate or legacy planning, particularly because of the potential consequences caused by COVID-19.

“I think we have an opportunity here… to more effectively personalize and target the communications we share with our clients to demonstrate leadership,” she told the symposium. “It’s easier to seek out communications that are of general interest to everyone…it’s harder to go one level deeper and say: ‘what do my clients really need right now’ and ‘can I support them through the communications that I share’.”