What is the customer journey for financial advisors?
A leading financial services provider wanted to better understand the journey of financial advisors in its network
Image: Financial services customer journey mapping
The Challenge
A complex market with multiple audiences
The financial services provider needed a customer journey map of independent financial advisors (IFAs). It wanted to understand how to retain existing clients, as well as target and convert prospective clients in the financial advisory space. This included clients that were independent business owners, as well as financial advisors fully employed by the financial services provider.
The complexity of this business model meant that there were multiple different client journey touchpoints that needed to be identified and analyzed. To achieve this, it required a B2B market research agency experienced in financial services market research. A core understanding of how different financial advisors operate and key industry terminology would help to set up the research project for success.
Our Approach
Comprehensive map of the advisor journey
Werk Insight, a B2B market research company, undertook a multi-phase approach using a blended methodology to better understand the journey of financial advisors.
The first phase focused on mapping out the customer journey through stakeholder interviews and a workshop. We conducted in-depth interviews on Zoom with internal stakeholders, e.g. sales, to understand their perspective on the needs and attitudes of financial advisors. This outlined a framework for the customer journey of financial advisors.
Next, we met with the internal stakeholders in person to brainstorm the key touchpoints, pain points, and “jobs to be done” for advisors for each step of the customer journey. This helped us to better understand the customer experience of financial advisors at different touchpoints, and it also secured stakeholder buy-in in the research process.
In the second phase, we undertook B2B qualitative research to uncover deeper insights about the financial advisor’s journey. We conducted a series of qualitative interviews:
28 interviews with existing clients
20 interviews with financial advisors that were prospective clients, including RIAs, wirehouse advisors and IFAs
5 interviews with recruiters
These interviews were all via telephone or video with financial advisors whose identities were validated. The stakeholder journey mapping workshop informed the discussion guide for the interviews. The conversations explored the advisor journey from different perspectives, including advisors seeking employment versus those looking for a broker-dealer.
The aim of the qualitative research was to find out the following:
Job searches – what drives financial advisors to seek new employment, how they search for job roles, and key factors that influence their decisions in the job search process.
Onboarding experience – what is the onboarding experience like with the financial services provider? What are their needs? Where do they need more support?
Overall client experience – what was the overall customer experience of a financial advisor throughout their lifespan as a client? Did they feel supported in troubleshooting issues, growth, and career needs?
These findings were summarized into two reports that were presented to the financial services provider.
The third phase was a series of quantitative surveys to validate and expand on these qualitative insights. We conducted CATI surveys with 300 prospective clients and over 400 existing clients. This included registered investment advisors (RIAs) owners considering a new broker-dealer, advisors seeking a new employer, and a niche client group that was identified as needing more support. All the interviews were conducted via telephone or video, with the respondent’s identity validated.
Analysis of the data using linear regressions identified the factors that drive overall client satisfaction. We also pinpointed what changes would have the greatest impact on those metrics.
The Insight
Clear strategy for targeting financial advisors
Our final report quantified the typical journey of financial advisors seeking a new employer or broker-dealer. It mapped four key points of consideration:
Key touchpoints along the customer journeys, including what influenced decisions at each stage
Where financial advisors seek information about the brand and how they engage with it
How existing clients perceive the financial services provider’s brand, and how to shift those brand perceptions
What factors would most meaningfully increase client satisfaction
These insights were segmented across different client groupings, from independent financial advisors (IFAs) that operated a business to financial advisors fully employed by the financial services provider.
We also reported on the journey of the advisor through their lifespan as a client, including their day-to-day interactions and growth from onboarding to the end of their career. This assessed the brand perception, client satisfaction and how the financial services company could increase its brand reputation in the market.
As a result, the financial services provider was able to better understand the journey of financial advisors across its network, including existing and prospective clients. The insights informed the company’s strategy for attracting prospective clients and improving internal on-boarding processes.