Building Client Advocacy: New Opportunities for Wealth Management Firms
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Overview: Ask a relationship manager or private banker about the importance of being client-focused, and they will likely respond that it's in their DNA. Yet according to our new research, three out of five clients are not advocates of their wealth management firms. This finding illuminates a troubling statistic in an industry known for its service excellence. At the same time, we believe there is a tremendous opportunity for wealth management firms to strategically use client attitudinal information to target and improve high-impact service interactions. Firms that get it right can strengthen their ability to improve client loyalty, increase wallet share and refine business performance.