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3 Formidable Factors Influencing the Financial Experience

eMoney Communications Team June 1, 2016

Updated on: May 10, 2021

Don’t ignore the pulse of your marketplace.

If you do, you run the risk of leaving serious opportunities on the table. Business leaders who are in-tune with the influences shaping their industry are in a better position to evolve as their customer needs evolve. They are the pioneers. The ones who stay at the forefront of innovation year after year.

By understanding the effects of these outside forces, you place yourself in a better position to satisfy your clients and continue to find success. Below, you’ll find three of the major influencers affecting the customer experience in today’s financial service industry.

The Digital Disruption

The people have spoken – and with enthusiasm. Across industries, consumers are siding with businesses that offer on-demand and digital experiences.  And the companies that embraced these digital experiences, such as Netflix, Uber, and Airbnb, have won big.

It’s easy to see why.  Business models built on “disruptive” technology follow a philosophy to create less roadblocks between services offered and consumer demands. In a sense, the digital disruptors made billions of dollars by saving clients both time and effort.

New online and on-demand services pop up every day, from legal advice, to tutoring, and even haircuts. Have you ever used video to chat with a friend? Or shared a picture on social media? Guess what – you’ve already joined the digital revolution. And chances are your clients have too.

Find advice, tips, and best practices to improve your financial experiences in our white paper: Why The Experience Matters.

Transfer of Wealth

Over the next 30 to 40 years, $30 trillion in assets will transfer from Baby Boomers to Millennials.

Put the numbers aside for a moment. You knew, eventually, that Millennials would inherit their parents’ wealth. But what may not have been obvious is that a majority of your client’s children don’t consider you their financial advisor. In fact, more than half of Millennials say they would fire their parents’ advisor after they receive their inheritance. If you haven’t made a real connection with the next generation by that time, you could see your client-base shrink, and your AUM and annual production along with it

Understanding what motivates Millennials starts with technology. Think of Millennials as the poster children of the Digital Disruption. When it comes to tech-driven experiences, their expectations are sky-high. And when businesses don’t deliver the experience they want, it leaves a bad taste in their mouth.

The transfer of wealth is a big reason why many businesses have catered their experiences around technology. To deliver their value to the next generation, they need to have a presence where Millennials are online. Financial professionals who position their experiences towards Millennials will find similar success in the future.

Progressive Fintech and Government Regulations

The financial services industry shape-shifts year after year. With every new regulation passed, and every new tech trend that emerges, the way you deliver your service and present your experience has to change. You’ve seen the headlines:

Influences such as these make clients question the value of your service, whether warranted or not. So unless your client relationships are rock solid, they may wonder if the grass is greener somewhere else from time to time. Finding ways to create strong, collaborative relationships with your clients will keep them engaged, calm their fears, and establish you as their trusted financial guide.

How Does Your Experience Hold Up?

The influences shaping today’s financial service industry can give you a baseline to improve your own financial experience. With this baseline, evaluate aspects of your experience to see whether they align with your clients expectations.

Why the Client Experience Matters

About the Author

The eMoney Communications team is dedicated to helping users find the most efficient and impactful ways to plan for their clients, while striving to make basic and advanced financial planning accessible for all.

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Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.