Only 17 percent of Asian consumers expressed confidence in financial providers in Q2 based on the Corporate Executive Board’s (CEB) quarterly poll of 5,000 consumers in six Asia-Pacific countries. With markets exhibiting roller coaster like volatility, it is no surprise tha wealth management firms across Asia Pacific see an opportunity to rebuild client trust by demonstrating the value of their advice. Indeed, wealth management firms know they will struggle to meet their aggressive revenue growth goals without client confidence in their advisory propositions.
The CEB’s recent research on designing and delivering a high-net-worth client experience uncovered three critical and sequential actions required to deliver a confidence-building client experience. First, firms pave the way to confidence by using service moments to build rapport with clients. Second, tailor advice to their client’s unique situation to build trust. And finally, teach clients the relevance and rationale behind their advice to foster confident decision-making. Research shows that these three actions when performed together can triple a firm’s number of highly loyal clients and can double revenue per client.
In order to execute a confidence-building client experience, here are some tips for the Asian wealth executives:
Market conditions remain volatile and clients are wary of a global recovery. Firms must engage their wary, demanding, and often emotional clients if they wish to build clients’ confidence and their bottom lines.
The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Asian Banking & Finance. The author was not remunerated for this article.
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Leila Ghorashi is a Practice Manager at Corporate Executive Board.