{"id":18762,"date":"2023-09-12T13:00:46","date_gmt":"2023-09-12T13:00:46","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/wealth\/what-luxury-brands-can-teach-wealth-management-about-client-experience\/"},"modified":"2023-09-12T13:00:47","modified_gmt":"2023-09-12T13:00:47","slug":"what-luxury-brands-can-teach-wealth-management-about-client-experience","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=18762","title":{"rendered":"What Luxury Brands Can Teach Wealth Management About Client Experience"},"content":{"rendered":"
\n

Wealth management firms serve a clientele that is used to luxury, which means firms have a lot to learn from the luxury industry.<\/em><\/p>\n

When financial advisors talk about the work they do, they may mention a suite of services ranging from estate planning, tax planning, and investment management. But when a high net worth (HNW) client is asked about why they use a financial advisor, the answer may be more abstract but it often ultimately comes down to a feeling that their needs are being cared for. That feeling is luxury.<\/p>\n

Luxury is a term often associated with brands on Manhattan\u2019s Fifth Avenue or London\u2019s Bond Street, but really it has more to do with the feeling of ease and comfort \u2014 and most important \u2014 the removal of worry. When a client buys a luxury item, they\u2019re buying a sense of security that the product is well-crafted and its luster can be maintained. Similarly, when a client employs a financial advisor, they\u2019re trusting that their wealth will be managed in a way that meets their needs and aspirations..<\/p>\n

Wealth management is often looked at as a quantitative business \u2014 and for good reason. There is no way of doing the job well without a comprehensive understanding of financial markets and accounting. But wealth management is also a people-oriented business. For financial advisors, that means making sure every aspect of the client experience \u2014 onboarding, reporting, and meetings \u2014 contains a high-touch level of service.<\/strong><\/p>\n

For comparison\u2019s sake, one can easily shop online and pick up a new wardrobe but working with a personal stylist delivers a level of customization that means a shopper has a specifically curated wardrobe that meets their needs and their style. And the next time that client has a need, their personal stylist, because of the high-touch relationship, knows how to take care of it. Similarly, one can find that the basics of financial planning \u2014 account set-up and portfolio construction, for instance \u2014 are commoditized but that doesn\u2019t mean they can\u2019t be executed with a high-level of service. This is especially true with younger generations that take more of an all-encompassing view of wealth.<\/strong><\/p>\n

<\/fbs-ad><\/p>\n

\u201cMany young UHNWs are focused on investing in areas that directly align with their values and purpose such as women-led startups, minority-led start-ups, sustainability, educational opportunity, etc\u2026,\u201d the Luxury Institute wrote in a 2022 report. \u201cUHNWs trust that, if managed effectively, these purposeful investments will drive long-term growth opportunities and revenue regeneration for all constituents.\u201d<\/p>\n

The lesson for wealth managers is to realize that client service requires more of a collaborative, luxury-driven approach.<\/strong> Clients want to not only feel that their aspirations are being heard, but that their wealth management team is a partner in getting them there and an advisor that can anticipate the client\u2019s needs during that journey.<\/p>\n

It can start with making the onboarding process more than an exercise of paperwork and signatures to include features that make it feel more like the beginning of a partnership. Little details such as a customized folder for client reports, a toast or tea to celebrate signing, or a small gift can go a long way.<\/strong><\/p>\n

Throughout the relationship, there are other interactions that can be performed with a luxury mindset \u2014 even quarterly reporting. Rather than just sending statements, advisors should make it a more customized experience, offering client-focused quarterly insights and using it as an opportunity to spur conversations about client\u2019s goals. While some clients may have a \u201cset it and forget it\u201d mindset about their portfolios, they\u2019ll want to know that if a time comes when they need more, that their advisor is more than equipped to anticipate their need and meet the moment.<\/strong><\/p>\n

Adopting this mindset as a wealth manager isn\u2019t just good service, it\u2019s good business. Again, to draw comparisons to the retail luxury world, PYMNTS, a data and analytics firm, recently found that luxury customers, incentivized by loyalty programs have 24% conversion rate, compared to 6% for new customers. Applying that data to the wealth space, implies that running a wealth management business with the sense of a luxury brand can deepen existing relationships and potentially lead to opportunities for new referral business.<\/p>\n

And that is one luxury wealth management firms would love to have.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wealth management firms serve a clientele that is used to luxury, which means firms have a lot to learn from the luxury industry. When financial advisors talk about the work they do, they may mention a suite of services ranging from estate planning, tax planning, and investment management. But when a high net worth (HNW)<\/p>\n","protected":false},"author":1,"featured_media":18763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":{"0":"post-18762","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-wealth"},"yoast_head":"\nWhat Luxury Brands Can Teach Wealth Management About Client Experience | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Wealth management firms serve a clientele that is used to luxury, which means firms have a lot to learn from the luxury industry. 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