It wasn't so long ago that watching your favourite 'soap' required that you sit down in front of your TV at a designated time, on a designated day of the week - a schedule that was determined by some industry executive that knew what you wanted, and when. In contrast to this, we recently had some guests over and were somewhat amazed to hear their 5 year old requesting access to Netflix... clearly unimpressed with the options available to them under our Foxtel subscription. The truth is we have all become very comfortable with 'personalisation' and have a tendency to now prefer, if not expect, personalised experiences. The likely culprits for our increasing appetite for personalised experiences? Our desire for control, and the growing need to limit the impact of information overload.
Your ability to leverage from these behaviours shouldn't be ignored, and a question on 'Automating the review report process' raised in Discuss Wealth Management highlights an example of how advice businesses are thinking about this topic. The question also unveils the challenges some practices may be experiencing when trying to get the rubber to the road. All too often the approach adopted will deliver, in part, the desired client experience but only if back office efficiency is sacrificed. This shouldn't be the case, and the messengers bearing these solutions should be questioned.
In the 'Model Office' one of the goals is to allow clients to own their data and experience, and then give them the ability to use it to guide the creation and context of every future experience. At times this may be difficult to accomplish if you are limited by the level of administrative access you have. But it needn't be a showstopper. To demonstrate, I'll revisit the question on 'Automating the review report process' and outline a solution which allows each adviser to set their preferences for:
- the dates used by the reports, this includes both the 'end date' and time frame (ie. monthly, quarterly, half yearly, annually);
- the specific reports they want in their client's 'packs';
- the wording used for the 'executive summary', covering letter, or similar.
Whilst a simple example, the strategy used here does open the door to reengineering other processes, for example capturing client preferences across a broad range of matters and weaving them into the communications you subsequently provide. Importantly, we quickly move away from establishing inefficient processes and procedures that burden your administration team.