In February 2024, Herbers & Company conducted a survey of 1,112 financial consumers to gauge their expectations for advisor responsiveness. The results revealed that over 62% of respondents, across all income and wealth categories, now expect a response within at least 30 minutes.

The demand for rapid response times is largely influenced by the standards set by digital-first businesses like e-commerce firms, online banks, and streaming services. While financial advice remains a deeply personal and trust-based service, the influence of digital interactions has reshaped client expectations. Clients still value the human connection in financial planning but increasingly expect the convenience and immediacy that digital interactions provide.

Responsiveness is one of the most significant areas where client expectations have evolved. Clients have become accustomed to the immediate gratification offered by companies such as Amazon and Netflix, and now expect the same level of responsiveness from their financial advisors. This shift is driving advisory firms to develop robust Digital Client Experience (DCX) models.

It's important to clarify that these DCX models are distinct from social media, email marketing, or other digital marketing efforts. The DCX model focuses on enhancing the experience of current clients, not prospective clients. It’s an integral part of the overall client experience (CX) offered by the firm.

A successful DCX must be an extension of the firm’s core CX. Firms that are confident in the quality and seamlessness of their CX should begin planning their DCX strategies based on this latest consumer research.

How to Implement a Digital Client Experience

The first step in implementing a DCX model is to ensure it aligns with client preferences. Rather than imposing a one-size-fits-all model, firms must shape their DCX around how clients prefer to communicate. This includes understanding whether clients favor text messages, emails, phone calls, or video conferences, as well as their preferred methods for sharing and managing documents. Conducting a client survey focused on these practical aspects can provide valuable insights that inform the development of a tailored DCX model.

Setting clear, quantifiable goals is essential for evaluating and improving your DCX over time. For example, firms must determine their standard response times for client inquiries—whether it’s within 24 hours, by the end of the day, or within 30 minutes. The quicker the target response time, the more sophisticated the DCX model must be. For firms aiming for growth, the ability to respond to clients and prospects within 30 minutes is crucial.

Understanding client expectations and aligning them with your firm’s business objectives is key to selecting the right technology solutions. There is no one-size-fits-all DCX solution available for financial advisory firms. Herbers & Company typically advises firms to start by implementing simple, widely available technologies.

Even basic tools like email rules can significantly enhance responsiveness. For instance, if your firm prioritizes responsiveness to high-value clients, email rules can be set up to notify the client’s advisor or service team immediately upon receiving an email. Routine inquiries can be handled more efficiently by creating pre-written responses for common questions, with email filters identifying keywords and flagging these emails for quick replies.

As digital communication continues to expand, client expectations will evolve accordingly. Advisory firms must proactively design intentional DCX models that meet clients’ needs for timely and preferred interactions. Mastering the digital client experience will be a critical factor in maintaining client loyalty and encouraging referrals, ultimately contributing to the firm’s long-term success.