It’s true – human advisors are still needed. A study completed recently by PricewaterhouseCoopers (PWC) regarding “customer experiences” revealed some things we already know to be true.
They include giving customers a great experience and they will buy more, be more loyal and share their experience with their friends. No major surprises there.
However, we unearthed a few extra nuggets we wanted to share with our audience. Breaking news for human advisors:
- 82% of consumers want more human interaction, more time in-person, not less. Research and development dollars are now being plowed into artificial intelligence (AI). These investments ought to provide support to help advisors. The goal of AI should not be to replace the individuals on the front lines. In other words, technology needs to be developed to streamline behind the scenes operations. In our realm, the goal should be to develop technology to help the advisors spend more time in contact with their clients.
- More than half of the study participants (54%) say “customer experience at most companies needs improvement.” This also spells out a clear message in the advisor world: provide good service and your firm can win. Even against some of the big boys. In 2019, investment advice and financial planning is still about human-to-human contact and communication.
- 32% of consumers will walk away from a brand they “love” after just one bad experience. A reminder to everyone on the team. Everything matters, all the way down to how the phones get answered. The client matters… just try running a business without them.
- 73% of all people point to customer experience as an important factor in their purchasing decisions. Yet only 49% of U.S. consumers say companies provide a good customer experience today. I can’t add much more to that other than to say, “plenty of market share remains up for grabs.”
- What do people value most in their dealings with a business? It’s not necessarily the automation, the social responsibility or even the unique experience, although these scored as important. What folks valued most are friendly service, efficiency, convenience, knowledgeable service.
It doesn’t have to be complicated – just help people.
More and more things we used to handle in person, are now becoming automated. Is that always a good thing?
Some clients may like the ability to do things on their own and not deal with human advisors.
But some folks still like a little service, and that’s OK.
As mentioned in the last point above, knowledgeable and friendly service can go a long way toward building better communications and better business relationships, something we strive for at Mullooly Asset Management.
How many times have you heard these lines:
- “Have you tried our automated help yet? It’s available 24/7!”
- “…or press 9 for an agent.”
- You want statements? Go online, you can download them yourself.
- You need to fill a form for this or that, you should go right online and get it.
Personally, even saying those words to a client (or hearing them myself) turns me off.
In 2019, human advisors remain in a one-on-one business. And while we can see the future driven by technology, many individual investors may not interested in dealing (or ready to deal) strictly with a robo-advisor. That day may eventually arrive, and probably sooner than I expect.
Until then, human advisors should want to employ technology that will help support their efforts, and create more in-person time with clients.