Concierge Service for Wealth Management Firms

We’ve all felt it: the growing frustration with declining customer service.

Is it truly “peace of mind” if your clients have to deal with painful customer service? Imagine taking that off your clients’ plate.

Whether it’s returning an item on Amazon, finding a new medical professional, or navigating the complexities of getting on the phone with your bank, we often find ourselves grappling with less-than-stellar support.

And we’re not alone—according to a recent NPR survey, customer satisfaction with service in the U.S. is at its lowest in nearly two decades. The report highlights a broad range of frustrations, from long wait times to difficulty reaching a live person. This decline in service quality can cause anxiety and wasted time.

But what if this challenge could be transformed into an opportunity?

For financial organizations, this shift presents a chance to stand out from the FIERCE competition by reimagining their service offerings.

Many firms confidently state and use as their branding that they can manage ALL financial needs and treat clients like family. And indeed, they CAN—but given that the average advisor works with nearly 100 families, there's a limit to how much they can extend themselves to meet every client's needs fully.

So the client, especially if he/she is not in the UHNW category to have their own personal assistant, may be left on their own to call Netflix for a duplicate charge, figure out how to find a real estate agent in Portugal where they want to buy another house, or find out the best credit cards for airline points.

And this is where enhanced concierge services, particularly the Select Advisors Concierge Program, can make a significant difference and truly provide “PEACE OF MIND” as the word states to their clients. Talk about taking customer service to new, elevated levels!

Traditionally, concierge services have been synonymous with VIP travel arrangements and exclusive access. But in today’s world, the role of concierge can—and should—extend far beyond these boundaries. Imagine if your firm could provide comprehensive support similar to what a family office offers, but without the need for extensive administrative resources on your end.

How can Concierge Services help you business?

1. In an age when financial advisors are constantly having to defend their fees against pure money management, Concierge Services can truly enhance your value

2. Concierge Services can help your new business development, as it can be a great selling point to your prospective clients

3. Concierge Services can introduce you to new service providers you didn’t previously have a relationship with, as Select Advisors will introduce your firm to the best of the best in the filters your client is looking for (ie. the best lawyer, CPA, etc.)

Here’s how you can elevate your client service by integrating a broader range of concierge services:

First, comprehensive due diligence. Imagine a client looking to relocate from California to New York. They need to find the best colleges or private schools for their children. Instead of leaving them to navigate this process alone, a well-rounded concierge service would handle all the due diligence. This includes making calls, researching options, and setting up meetings with top professionals in various industries. By managing these tasks, you provide your clients with peace of mind and confidence in their decisions.

Second, enhanced privacy management. In an age where personal information is increasingly vulnerable, privacy management is more critical than ever. Concierge services can help by removing private or defamatory information from the internet. This added layer of security ensures your clients' personal details remain confidential and reduces the risk of online exposure.

Let our team take off some of the “headaches” from your clients' plate that may not necessarily fall in your wheelhouse or capacity.

Third, streamlined administrative support. Financial advisors often lack the capacity to handle administrative tasks that fall outside their primary expertise. By integrating concierge services, you can offer support with tasks such as bill payments, organizing meetings, and managing schedules. This not only relieves your clients of these burdens but also allows you to focus on providing high-level financial guidance.

Fourth, personalized assistance. Concierge services should be tailored to meet individual client needs. Whether it’s finding the best legal representation, sourcing top therapists, or arranging specialized medical care, offering personalized support demonstrates a commitment to addressing your clients' unique requirements.

This hands-on approach can greatly enhance their overall experience with your firm.

Thinking about hiring someone inhouse to focus on this? A single hire may lack the specialized knowledge or the breadth of industry contacts to handle every request efficiently. Additionally, they would have limited capacity and could only focus on a few tasks at a time.

In contrast, Select Advisors brings a team of experts who can provide a wide range of services, from due diligence and privacy management to sourcing top professionals across various industries.

More importantly, the infrastructure and support network that comes with a specialized firm like ours is nearly impossible to replicate with one or two hires. You get access to a breadth of expertise, established relationships, and the ability to scale up quickly based on your client’s needs—all without the overhead costs of hiring and training multiple employees.

By expanding your service offerings to include comprehensive concierge support, you not only address the declining standard of customer service in various sectors but also set your firm apart as a leader in client care. This approach not only aligns with the evolving needs of high-net-worth individuals but also positions your firm as a trusted partner in navigating both financial and personal aspects of their lives.

Looking to add Concierge Services to your wealth management business? Contact Us Today!