Effective Onboarding: Starting as you mean to go on

Of course, the soft facts, the personalised active listening and showing that you care are paramount, we cover this in our article: What makes a great Financial Planner in Wealth Management?

In terms of effective onboarding, what should a great Financial Adviser be doing in those first few meetings to make it a smooth and enjoyable experience for both you and your clients?

There are so many digital tools to help with the onboarding process, and thorough research will help you find the ones that suit the way you work.  By making everything as efficient as possible, you create more time for providing advice or generating new business, all of which produces income.

• Online Forms: Use secure online platforms to collect client information and eliminate the need for manual paperwork
• Client Portals: Offer a personalised portal where clients can upload documents, review agreements, and access their financial information in real-time
• Digital Document Signing: Adopt e-signature software to speed up the signing of contracts and agreements and reduce processing time
• Automated Data Entry: Utilise software to automatically populate client information into relevant systems

By automating repetitive tasks and setting up automated reminders for clients to complete forms or submit documents, and for you to complete certain tasks, a great deal of time and stress can be saved and avoided respectively. A CRM (Customer Relationship Management) system will help greatly in managing client data and tracking progress.

Technology can also be used to help prioritise security and compliance – another “must” for effective onboarding.  A client must feel confident that their information is secure.  By using encrypted platforms to collect and share sensitive information your client can feel assured that every document transfer is protected.

As soon as you meet your client, whether it’s the first time you have met, or indeed, a long-term relationship, their experience should be one hundred percent positive.  We understand that making them feel like you have all the time in the world for them can be hard when you have so much to fit into your pressured day, but it’s the small things like this, that help to personalise the client experience.  Prioritising time to get to know your client will enable you to target your research to provide truly relevant advice, which will ultimately save you time in the long run, as you can give them what they need first time, every time.  What little things can you do to help?

• Tailored Introductions: Provide personalised welcome emails or video messages and let them know how you are there to help, so they feel relaxed in your meetings, making them more productive.  This ultimately saves time from the initial contact point to the provision of meaningful advice
• Understand Personalised Goals Early: Use discovery sessions or questionnaires to gain insights into the client’s financial objectives, values, and concerns to help provide only applicable advice – again, this will save time in the long run as you’ll know exactly what to research
• Proactive and Efficient Communication: Keep clients informed throughout the process and address any questions or concerns promptly. If they need to chase you, it weakens the trust you have built and will not be a good start to a relationship. Schedule appointments efficiently to minimise wait times, and make sure you have everything you promised ready for your meeting
• A Thank You: A personalised email post the meeting thanking them for their time can go a long way to making a client feel valued

If it’s the first time someone has sought financial advice, they may have no idea what to expect and may be a little nervous, and even if they are not a first-timer, you may well do things differently to their previous Financial Adviser.  By taking the client through your onboarding process and outlining what they can expect at each stage they will relax into the meeting and feel comfortable in your company.  It also sets the stage for future meetings, where they know you will put them at ease and explain things clearly for them.

A little tip alongside explaining what they can expect from you, is that it pays to also let them know what you expect from them, for example, honesty and a clear explanation of their requirements.  So by clarifying your role, what services you provide, and how you’ll work together as a partnership, everyone knows where they stand.

Simplify the process by designing concise and easy-to-understand forms to minimise paperwork – you will be able to use technology to help with this.  Set clear timelines for document submissions, initial meetings, and plan delivery – breaking down everything into smaller, manageable steps will help to avoid overwhelming clients.  Provide a summary of what was discussed and the next steps.

Onboarding isn’t really just about that first, or even second meeting.  It’s a constant process – a client can leave at any time, so you could argue that every meeting or interaction is “onboarding”.  So, you need to be constantly effective at onboarding, at every meeting, and build the rapport and trust that is required to maintain the client/adviser bond.

If you provide regular updates with a focus on transparency, your client will feel informed and in touch with their finances.  Ensure every time, without fail, that they contact you for information, you provide answers quickly and efficiently.  They should never be left wondering where they are in the process or unsure of what to expect.

Take the time to really get to know your client, to understand their life beyond just finances.  Not only will this help you learn what makes them tick, what their risk tolerances are, and their whole life ethos so you can provide perfectly tailored advice, it builds trust and rapport.

Explaining things clearly and concisely shows you understand their finances inside out, and that you will help them understand them too.  Hand out guides or any materials available early on in your relationship to explain your process, financial concepts or investment strategies to engage and inform your client.

Remember there is no “I” in Team – so do not be afraid to ask for help and use all the administrative and paraplanner support available to you.  This will help you to provide the best and the timeliest advice for your clients.

There are a few things that it’s worth considering when working in a team in order for you all to work most effectively and cohesively.

• Define clear roles and responsibilities within the team to ensure seamless coordination
• Use collaboration tools to facilitate effective communication and information sharing
• Conduct regular team meetings to discuss progress, challenges, and best practices
• Ensure you and your team complete regular compliance training and are up to date with regulatory requirements to prevent delays or errors

By establishing this team collaboration early on, it will become second nature to work together for the good of the clients, with everyone knowing exactly what they need to do.  A good team is a like a well-oiled machine – a thing of beauty, and worth its weight in gold!  It can also be a whole heap of fun too!

After onboarding, ask for feedback to identify areas for improvement – client reaction is invaluable in continuously growing and refining your methods and approach. Clients, like everyone else in the world, like to feel seen, heard and their thoughts valued. Client experiences and industry best practices will help you in your goal to become the best adviser you can.

Onboarding should be a smooth and enjoyable experience for both you and your client – treat each client like a friend, tailor your process and stay in touch! Streamline and learn from the process, increase productivity and build stronger relationships with your clients right from the start.

By doing so, you will consistently use an efficient onboarding process that further builds meaningful relationships with your wealth management clients, building both trust and rapport throughout the process. A happy client is one that will stay with you and refer other new clients to you. All great things for a successful Financial Planner. A great onboarding process…what’s not to love!?