What Advisors Need to Know About HNW Clients and Customer Service
Some areas of life are the same across the board regardless of a customer or client’s circumstances. Customer service is one of those amenities that every client expects, but there are subtle differences when offering insurance consulting services to a high net worth (HNW) individual. The service requirements to retain HNW clients have delicate intensifiers that inexperienced professionals can mismanage without realizing it.
The following are the most significant nuances of serving HNW clients:
- Sophisticated service expectations. There is a standard bar the average client sets for customer service. They expect the consultant to be polite, well informed, and quick with answers to their questions. HNW clients expect these things too, but on a much grander scale. They are so used to extraordinary service wherever they go that the basics can seem sub-standard by comparison.
- Empathy challenges. Further complicating providing superior customer service is the dearth of mutual experiences between the consulting staff and HNW clients. HNW clients experience problems so far beyond that of the typical employee that the consultant may not be able to respond with the appropriate empathy and service recommendations.
- Nail the mundane interactions. Small, everyday interactions can make or break a relationship with a HNW client. HNW clients use routine exchanges such as how long they were on hold or how much time it took to call them back to gauge how a company will react when they call with a crisis. HNW clients aren’t used to waiting and even fifteen seconds spent on hold can be unacceptable.
- Go above and beyond in times of duress. When an individual experiences a loss, their insurer usually cuts them a check for the relative worth of the lost item. However, monetary compensation rarely soothes the client, particularly if the lost item was precious or irreplaceable. For HNW clients, this is especially true, as they often own expensive collections. To retain and attract HNW clients, businesses need to do more than provide basic services when things go wrong. They need to enact solutions to return the HNW client to his or her typical lifestyle before the problem occurred and on an expedited timeline.
MMA Florida understands the needs and quality of service HNW individuals expect. Whether you’re looking for an insurance agent in Florida or you already have one, we can help. Contact us to learn more about HNW insurance.