Use Financial Concierge Services To Grow Client Relationships

Concierge Wealth Management and Concierge Financial Services


  • Financial concierge services and concierge wealth management services deliver differentiated and memorable customer experiences that grow client relationships.
  • CRM software provides the customer data management to identify high impact financial concierge services. It also drives the process automation to align the right service for each client, and the information reporting to demonstrate financial performance and ROI.
  • Delivering these exclusive services creates differentiation in a crowded marketplace. Leveraging process and technology to integrate the client's professional and personal goals provides added value and a more personal customer relationship. It then delivers the downstream benefits such as increased customer share and tenure.
Johnny Grow Revenue Growth Consulting

Just over a year ago we implemented financial concierge services for a wealth management group in West Palm Beach. The solution was a combination of a multiple tier premium service automated with Salesforce CRM software. Last week we measured the results. It achieved a 9 percent revenue increase for the HNWI segment and a whopping 19 percent revenue increase in the UHNWI segment. These results prompted me to write this post and share how others can achieve similar results.

Financial concierge services are personal, high touch services offered by private banks and wealth management advisors to assist affluent customers, their families, or businesses. They fall outside the traditional banking relationship. They are less about managing client wealth and more about aiding client lifestyle and quality of life.

These concierge financial services, or many times called concierge wealth management programs, vary but often fall into the three categories of managing transactions, helping clients achieve special moments and helping clients solve personal problems.

Achieving special moments often involve event planning, travel and philanthropic activities. They may include getting a client into a sold-out theatre, providing travel experts to book a unique vacation destination, or helping a client evaluate or procure an asset such as a jet, yacht or estate. Aiding the delivery of incomparable life experiences that extend to the family are particularly memorable. They also aid generational wealth transfer planning.

Helping clients solve personal problems often involves family and healthcare matters.

Sometimes these services are performed by advisors but more often they are performed by third parties, such as trusted referrals, contracted agents or outsourced providers.

It's helpful to recognize these personal services need not be pricey to be effective and that the services often tie to increased core business with customers.

CRM Software is the Technology Enablement

For a financial concierge service to be sustainable it must be profitable.

That means the service must be well defined, managed with discipline, automated with technology and periodically reviewed for profit performance.

The Customer Relationship Management system is the customer system of record. It can harvest customer data to identify cost effective financial concierge services for different types of customers, automate those services, and measure their profitability by customer and program.

To be candid, few CRM systems support concierge services. And even the best CRM for financial advisors doesn't automate the full life cycle. However, the better applications do provide the program definition and process automation tools to deliver these programs without a lot of effort.

Here is how we've configured systems such as Salesforce and Microsoft Dynamics to bring full automation and reporting to these growth programs.

  1. The prerequisite to a services program is customer intelligence, or at the minimum a 360 degree customer view. You need to capture personal goals for each client. The customer data must be organized so that it can designate when a client is eligible for a concierge program and when a concierge program is a fit for a client. We suggest using the financial services FORM method to capture customer data by category, such as family, recreation, interests, passions and philanthropies.
Customer Insights Integration to CRM
  1. To create a financial concierge service in your CRM software, use a custom object or entity to define the program structure with multiple tiers and progressive levels of allowable investment. For each investment level there should be a forecasted ROI. The concierge financial services program will define attributes and metadata for each tier. Each program will identify the allowable investment, such as the maximum volume of service hours per period, overall or by level of resource. They identify the service providers and include prescription planning actions. The more personalized the service, the bigger the effect, so it's a good idea to design multiple types of experiences.

It's also important to link each concierge financial service to one or more sale opportunities. If you have thoroughly defined your services it's not difficult to see how they may align to traditional services such as insurance and risk management, estate planning, retirement planning, tax planning, charitable giving and trust services or even portfolio management. For example, travel getaways may spawn discussions about real estate investments, foreign currency management or yacht financing.

  1. Append the client profile record with a concierge financial services field so that you can define the right service or program level for each client. While you could allow this field to be manually updated, we advise against that as some clients that should be included in a program may not get updated. And other clients will get overprescribed thereby reducing profit goals.

A better approach is to create a simple workflow rule or AI algorithm that automatically updates the field with the right program based on the client or household asset value/AUM, segment (HNWI, VHNWI, UHNWI), profitability and customer lifetime value. Note that these customer metrics should be part of the 360 degree customer view. We had one client that also used the AI algo to update the field and program if the client health score fell to a threshold value that put the client at risk of defection.

360 Degree Customer View
  1. Workflow events and rules can then be created to coordinate and assign activities for each concierge program. All activities should be recorded in the CRM activity management function for easy viewing. We typically create a custom Activity form so that we can specify concierge data fields, make it easier to review history and aid information reporting. Workflow should also be used to align concierge wealth management service opportunities with other scheduled events such as account reviews or KYC updates, or even birthdays and anniversaries.
  2. Profitability reporting should occur at three levels. A CRM dashboard can show current year concierge profitability by client, client segment and relationship manager. The customer profile record should be updated to show profitability YTD and for lifetime. The client Strategic Account Plan should be updated to project program investment and ROI going forward and shift the reporting from hindsight to foresight.

See how to use CRM software to deliver differentiated customer experiences with concierge financial services and wealth management concierge services that grow client relationships and company revenues.

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The Point is This

Financial services concierge programs deliver personalized experiences that help shift the client relationship from reactive to proactive. They create pathways to client children and family. And they yield more customer data which can be applied to secure additional services such as customized lending, financing, insurance or transfer of wealth programs.

Properly implemented concierge financial services are a differentiator. They are value-added services that make clients feel special, and valued, and give them back their most value asset, their time. They grow customer share, client lifetime value and referrals.