Tips on how to engage with clients

Added 5th September 2016

In the first in a series of three, Julie Littlechild, founder of Absolute Engagement, explores the importance of advisers and clients working together to enhance customer engagement.

Tips on how to engage with clients

Change, as we all know, is inevitable – and sometimes painful. Our industry has seen significant changes over the years, with most focused on improving efficiency rather than enhancing the client experience. At least that was the case until now.

The rise of robo-advice is a case in point. While many industry observers dismiss this trend saying a computer cannot replace a human, their argument misses the point. ‘Robos’ hold the potential to change how advisers and clients work together, creating a more active role for the client. They facilitate co-created value.

The co-creation of value, I would suggest, will be the basis for future client engagement. The concept of co-creating value has a credible analytical history and is often linked to researchers CK Prahalad and Venkat Ramaswamy. Put simply, it focuses on how you work with clients to create value.

Instead of asking what can we offer to clients in order to drive engagement, we need to ask what we can create with clients to drive engagement. This marks a significant break from the past and requires us to imagine a future in which clients take an active role in innovation of the product, service and overall experience.

To demonstrate how things have changed, let us look outside financial services and consider how value has changed in the coffee industry:

1. Firm-driven value. A coffee company opens a shop on your corner. You can choose to buy the coffee that is available (or not).

2. Client-centric value. A coffee company crafts a range of coffees that reflect the tastes of several key client segments. You can choose the coffee best suited to you (or not).

3. Co-created value. A coffee company creates an online forum in which clients influence product development, service offerings and overall experience. You are actively involved in the development of the entire experience. You are choosing to be involved as much as you are choosing to buy.

Inside the International Adviser - September 2016 Issue

International Adviser - September 2016

The September issue of International Adviser magazine is now available to read online. View your digital edition by clicking on the link below, or download the free International Adviser App through your app store.


Inside the latest edition:

  • Phil Neilson is showing the way forward in Asia with his fintech IFA business
  • Tips on ways to boost the client experience
  • Two reasons why Hansard Global is ‘unusual’
  • High profile fund manager Jason Pidcock’s take on income opportunities for yield hungry investors

International Adviser is available in the iTunes App StoreGoogle Play and on Kindle Fire. To see how you can access your digital magazine click here

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About Author

Mark Battersby

Editor, International Adviser

International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.


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