Nuveen

When an Advisor Calls, Who (or What) Answers?

Posted by Mike McLaughlin on May 16, 2011, in Thoughts , tagged with , , ,

The other day I heard a radio ad for a company promoting green technology. Most of the ad wasn’t memorable – I don’t even recall the name of the company – but the ending stuck with me. The firm gave out their toll-free number and then stated that “a live person will pick up your call”. No automated system (IVR). No menu to navigate.

I thought that sounded pretty good.

I then wondered: do any asset managers have a live person answering their toll-free phone numbers for advisors? So I called ten firms to find out. The results:

  • One firm, Nuveen, has a sales rep pick up directly.
  • Another, Columbia, has an IVR say your call is important before patching the advisor through to a rep.
  • Three others – BlackRock, Delaware, Janus – prompt first for an extension then have the advisor hold for a rep.
  • The remaining five firms present an automated menu with anywhere from 2-6 options.

In other words, half the sample enabled an advisor to reach a human being without proactively doing anything besides placing the call. Yet only Nuveen has that call directly answered by a person. I can’t claim that this makes Nuveen’s customer service any better, or that they do a better job of converting cold inbound calls to sales. But I do think the direct personal interaction is, simply, nicer. And, evidently, rare.

(As a sidebar, the configuration of the different IVR systems is worth another discussion down the road. The options vary significantly by number/type. And, interestingly, two firms use their IVRs to promote specific products prior to presenting a menu of options.)

Subtle Ways to Keep the Client First

Posted by Anu Heda on Feb 22, 2011, in Thoughts , tagged with , ,

Where does the client fit in your business model?

You would probably say that they are in the middle of a circle that your entire firm orbits.  Maybe you even have an internal diagram like this one.   a client-centric modelIf that’s the thinking, consider these three simple changes to your Web site.

  1. Organize the site by the customer types that will visit your Web site.  For instance, if RIAs visit your site, consider a specific section of the site for them (like Nuveen).
  2. Direct your Web site users to specific sales people.  For instance, clearly list your RIA sales team on a US map with clear delineation for territories.
  3. Include case studies or examples of your customers. For instance, have articles such as “How a newly Independent FA added our funds to his asset allocation strategy.”

Enhancing your site with changes like this will truly keep the “customer” in the center of your business model.