Improve Advisor Engagement
One of the best ways to improve advisor engagement is to ask advisors directly how you could better serve their needs. Many financial institutions use surveys to measure advisor satisfaction. This is certainly valuable to track general trends and identify system-wide issues and should be part of any advisor engagement program.
However, since the financial institution/advisor relationship is so important, translating preferences and desires advisor-by-advisor into specific opportunities that can be actively managed plays a significant role in your value proposition to advisors. Adding a more sophisticated and personalized advisor assessment to your advisor engagement program creates the following benefits:
- Identifies specific opportunities for each advisor to more effectively leverage the firm’s offerings
- Identifies at-risk advisors
- Matches the solutions of the financial institution to specific advisor needs
- Identifies what the advisor values and how they perceive the value proposition they are getting from the financial institution
- Identifies disengaged advisors
Understanding what advisors truly value, and how you can help them manage their practice in alignment with what they value, is a powerful tool in retaining and growing your advisor base.
Financial institutions can coach their leaders on how to follow up and track the preferences and opportunities that advisor indicated they would value from the financial institution.
- Leaders rarely ask many of these questions face to face. With an online assessment, the same set of questions can be asked each time and the variations in responses over time can be measured. Currently, most leaders do not have the ability to monitor and chart shifting advisor preferences and satisfaction levels.
- The assessment should be linked to each advisor, so leaders are able to act on advisor needs and preferences. It should ask advisors if they value or desire specific solutions that the financial institution offers.
- Opportunities should be tracked for each advisor. There are different formats and approaches that can be used to track advisor preferences.
Opportunities uncovered through the assessment become an “advisor action plan” that can be managed as part of the advisor’s overall business plan. This action plan provides you with a structured approach to set clear goals that leverage and integrate the results of your advisor feedback. Work with your team to complete a list of tasks required for each action, the person responsible and the due date.
With this plan defined, you can establish KPIs to track revenue generated through use of the advisor action plans and report on which opportunities are active, overdue, and completed.