Published February 4, 2021
As a Registered Investment Adviser (RIA), you expect to receive superior customer service from your vendors and partners. You recognize the value of quick response times, tailored solutions, and a friendly voice on the other side of the phone. These interactions as a customer undoubtedly inform the ways you service your own customers and clients.
In that same way, GeoWealth seeks to treat our customers – Advisors – the way they treat their own clients.
Enhancing the customer experience
A great customer experience strengthens client relationships. And strong client relationships are the foundation for the long-term success of any RIA practice. In an industry driven by facts and figures, numbers always tell the tale. According to a recent Bain & Company study, increasing customer retention rates by 5 percent increases profits by 25 to 95 percent. The quality of service you offer your clients fosters loyalty and directly impacts your bottom line.
When you are partnered with a TAMP that understands your practice and offers hands-on support, you in turn will be in a better position to offer great customer service. How quickly and thoroughly your TAMP can solve workflow issues not only benefits you as an Advisor, it directly benefits your end clients.
Some TAMPs promise execution and performance that sound great in theory, but fall short in practice due to the TAMP's usage of disparate systems or third-party technology. When working with a TAMP that did not build and does not own the technology powering their platform, troubleshooting requests can be relayed between several departments within the organization and then out to the external technology provider. The prolonged time and effort spent on getting your operations back to normal detract from the time you could have spent on more profitable activities. GeoWealth built all of its technology from the ground up, so we are able to quickly address any question or issue faced by an Advisor without having to get answers from outside our organization.
Knowing our customer
At GeoWealth, the "know your customer" rule takes on additional meaning. We take the time to understand your unique circumstances— and react with those needs in mind whenever you require service. We create a memorable customer experience by leveraging every point in our organization when proposing solutions and providing answers to you.
Every Advisor on GeoWealth’s platform is assigned a dedicated customer Relationship Manager who acts as the point person for smooth day-to-day functioning. The Relationship Manager is able to draw upon the Operations or Investment Management Teams to support more complex situations or get deeper insight into billing, aggregation or trading as needed. No matter the situation, Advisors can rely on a knowledgeable partner from within the firm since we are true experts on our own technology and solutions.
Expanding your opportunities
Great customer service goes beyond just right answers and prompt resolutions. As your customer relationship with GeoWealth develops and solidifies, our team transforms knowledge into potential growth opportunities. By observing the nuances of your procedures and processes, we can recommend steps to find even more efficiency based on how you already conduct your business. And we can introduce you to our network of partners who are able to offer assistance or guidance related to compliance, practice management, investment consulting, and more. We always have an eye on your needs and goals, whether you’re just starting a new firm or are looking for best practices.
With back and middle office functions flowing more smoothly, advisers find it much easier to focus on the pursuits that can yield greater return on investment and enhance enterprise value: acquiring customers and growing assets under management.
Immediate support from the team that built the platform
Whether your customer service inquiry is routine or complex, using a TAMP that rents the technology that powers its platform may leave you with long wait times and vague answers. GeoWealth designs, develops, and owns our full TAMP architecture, and therefore our customer service team has the ability to quickly resolve trading or technical issues in-house. The less time you spend on the phone or email waiting for answers, translates to more time invested in building your practice and supporting your clients.
Contact the team at GeoWealth to see how our customer service and tech-forward solutions can help you separate yourself from the rest of the pack and serve your clients better.