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How Would You Describe the Service You Are Getting From Your Broker/Dealer?

We are all part of teams. We find them in sports, business, and even our personal relationships. Different talents and skills combined together gives you synergy so you accomplish more as a team than you can as an individual. Is it time to take the team concept to the next level?

In my initial consultation with advisors, I really get to know all aspects of their practice. One of the questions I ask is, How would you describe the service you are getting from your broker/dealer?

A recent response peaked my interest: They are trying. I could hear the but hanging in the air. I remain quiet as the advisor goes on to describe the recent reorganization of the operations service department.

The concept looks good on paper. They have formed service teams so that an advisor is not completely dependent on just one person. Each team has five individuals who are assigned to your office and are knowledgeable about all of your challenges. So, if one person is not available, another person will easily be able to handle your question.

What's the problem, I ask. It sounds like an efficient operation.

The advisor tells me that his staff can only work with two of the five people on the team. Its not about knowledge, although one person may be a bit lacking in certain subjects. Its not even about waiting in a long queue to get a live person on the line because the firm doesnt have an automated voice system.

Where the challenge lies is in the relationship . Most of my staff are detailed information need people. They will always ask the next question. They are confident and experienced in this industry. So, when the service person they talk to sounds irritated that they asked another question, the relationship is damaged. In another case, the service person sounded hesitant in a response and when my staff asked them to verify the answer, the individual was reluctant. Again, the relationship is damaged.

After three months, the advisor finally had to ask the supervisor for help. Now his staff only works with the two service people who built a good relationship by understanding how to create a unique experience for each of his staff.

It's time to add the missing piece of behavior-based solutions to service teams.

Imagine calling into a service center and the call being directed to the service person that is most like you! The interaction is easy and effortless because the service employee does not have to change or dramatically adapt their style to you. Less energy drain for the service person allows them to concentrate on giving you the information in exactly the style that works for you. And, you will make less repeat calls because you understand the answer the FIRST time you make the call.

The metrics of the service center are improved. More calls are answered correctly the first time. Your clients are happier. You will notice more positive responses on surveys from clients. The service center staff has more energy to make more outbound calls.

The advisors business metrics are improved. The advisor can spend more time with clients. The support staff has to make fewer repeat calls to the service center. So that means more time to interact with your clients. Ultimately, revenues increase as a result of focused engagement with your clients.

Service center wins, advisor wins and broker-dealer gets more business and referrals.

Are you ready for the NEXT level of unique customer service experiences?