Speaking at International Adviser’s Future Advisory Forum Europe in London on Wednesday, Bryson spoke about a business that sought his advice because they were concerned that their competitors were beating them on price.
“The client came to me about two years ago and said ‘I’m really worried about discretionary fund management, I’m really worried that our pricing is way off kilter with the rest of the market and our advisers are really concerned that we always keep losing on price’.”
What Bryson found, however, was that the problem was nothing to do with price.
“Everybody was in the ballpark, roughly speaking, on the same price. It was all to do with the client experience.”
“The experience, and what people take away from that experience, will be the differentiator between one firm and another.”
Customer exprience delivery
Bryson found that the company and the advisers had “not thought through how to deliver that client experience well enough”.
Something that other industries and sectors are actively taking steps to understand.
“If you go into a leading retailer, let’s pick Marks & Spencer as one example, they will know where the average 40-year-old will first go when they enter the shop and how long they spend in the shop.”
That client experience and understanding is the differentiator, said Bryson. “Not the price.”
“Most UK-based financial advisers say, ‘I’ve got a website, isn’t that fantastic’, it’s got three clicks and my contact details,” he said.
But compared to experiences people have online today from other industries and sectors, “it’s just not enough,” Bryson said. “People’s expectations of digital engagement are much higher.