Q: I heard another advisor talking about a presentation you gave on creating a "Super-Fantastic Client Experience" and wondered if you could review it with me since I'm ready to take my experience to the next level and thought you might be able to help. -Experience Seeker

Dear Experience Seeker,

What I call the "Client Un-Experience" represents one of the great mediocrities of the financial services profession: the lack of a superbly crafted client experience. According to a recent McKinsey & Co. survey, more than half of consumers switch their primary financial advisor after the age of 40, and of those, half do so before retirement. The reason doesn't appear to be investment performance, so why do so many clients leave long-term relationships with their financial advisors?

After 10 years of consulting with advisors, my theory is that clients have an "un-experience." More often than not, I see highly talented and committed advisors, who are rich with investment and financial expertise, fail to build, maintain and grow valuable businesses founded on positive client experiences. I'm not implying that they aren't providing good service or don't have positive working relationships with clients, but an experience is something else altogether.

So how do you create a superb client experience? I've previously defined the process of building a business (rather than a practice) using the four-quadrant model which includes business strategy, practice management, operations and business development. Client experiences should be integrated into each of these core areas so that they are truly central to the day-to-day operations of a firm and can be consistently defined and delivered. Unfortunately, the illusive "it" (that powerful, emotional, positive client experience) happens more often by accident than by intention. By defining this experience and building it into business operations, we can move in a more meaningful direction.

First and foremost, you need a clear value proposition. Less than a third of the firms I see have a value proposition that is defined clearly enough to serve as the basis for a client experience. More often, a value proposition is just a catchy tagline, but that alone is equivalent to giving someone your word, without backing it up with actions. Without a concrete value proposition, fewer clients will have defined experiences.

One advisor, for example, wants to build a brand around the idea of simplifying clients' lives. If that's nothing more than a great brochure filler, it won't have any lasting value. The firm has to bring action to the idea. That means each experience a client has with the firm should simplify his or her life.

Here's how that firm might align the "story" with the "behavior."

1. A potential client, referred by a friend, calls for an appointment. Rather than having your assistant just schedule the meeting, train him or her to talk about working with your firm: "It was very thoughtful of (client) to mention us to you, and I'm glad you called. Before we schedule an appointment, it might help to share a bit about our firm. Our priority is helping you secure your financial future while doing all we can to simplify your life. While this process is ongoing, first you'll have a two-hour meeting with (Planner) to explore your financial goals. We ask you to fill out our Planning Questionnaire and bring a few things to this meeting. We'll provide you with a folder for your paperwork, and when you come in we'll sort, copy and organize the material while you meet with (Planner). Our goal is to ensure that when you leave our office, you've started to feel in control of your financial future."

2. You ask clients to gather financial paperwork (no small task). Suggest clients bring originals in a red file folder (denoting importance) to the meeting. At the meeting, have someone on your staff sort and copy the paperwork, filing originals in a personal organizer tabbed by type (e.g., wills & trusts, investment accounts, insurance policies, etc.). Go further by having nice leather portfolios or wooden boxes branded with your firm name and the client's name.

3. Clients are inundated with paperwork once their accounts are opened or transferred. Warn the client that this will happen, but that they shouldn't worry about it. They can simply place all incoming paperwork in the folder you provide them. You will meet with them in 60 days to review it all with them, explain how to identify what should be kept and discuss how to read and file it in their online file cabinet or organizer. If you use online file cabinets like e-money, this is a good time to physically log in with the client and get them comfortable using it.