Get your client onboarding process right

They say first impressions count, and there is no doubt that the first 90 days of new client relationship are the most crucial; it is during this period that the ‘die is cast’ in terms of the value and the profitability of that client over the longer term.

Not with standing this, many companies view client onboarding as a back office function, and place more focus on automation and cost minimisation than on delighting the client.

Regardless of whether you think onboarding begins from the first appointment or from the moment the client ‘signs on the dotted line’, this is a period characterized by several important customer experience factors:

• Customers expect high levels of interaction
• They expect to be asked for personal – possibly sensitive – information
• They will be receiving information and requests which may confuse them (policy documents, PIN numbers)
• They are in ‘switch mode’ and open to new offers
• They are much more likely to defect before ‘bedding in’
• Their experience will determine their likelihood to refer others to you

Important issues to consider in terms of your onboarding process include your continued involvement (versus hand-off to a dedicated onboarding co-ordinator), your own onboarding materials, a documented and consistent process, and checkpoints to gather customer feedback. Also consider ways the process can involve technology, not as an efficiency driver but to improve client experience (for example an onboarding video you can use with all new clients or which is personalised).

And most of all remember to say ‘thank you’!

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

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