Raj Mendes and Laura Frazer

Advisers wanting to boost their customer experience can learn a lot from what other sectors of the economy are doing.

According to Raj Mendes, managing director of The Customer Experience Company, a good example is the hospitality industry.

“The cornerstone of hospitality is providing personalised service with attention to detail,” he says.

“Advisers can learn to cultivate deep relationships based on the individual needs of each client. Hotels and restaurants also excel at anticipating needs.”

Mendes says high-end retail is another good example.

“Luxury retailers understand the importance of going above and beyond and making clients feel valued,” he says. “Their focus on seamless, frictionless experiences can translate well to financial planning, where removing potential pain points is critical.”

Mendes says advisers can also take a leaf out of the books of big technology companies like Apple, Google, Facebook, Tesla, and Meta. “They have built products that are very desirable for customers. Ask yourself: ‘How would Apple or Tesla do this?’”

Embracing technology

Laura Frazer, co-founder of customer experience consultancy CX LOOP, believes advisers can learn from the way different sectors are using technology to bolster their customer experience.