What’s your name and what do you do as a Branch Director in a leading financial advisory firm?

My name is James Yeow. As a Branch Director, I’m responsible for leading a team of advisers, offering them training, coaching, and monitoring their performance. My main focus is to ensure that our clients receive top-notch financial advice and services.

In a financial advisory firm, we collaborate with different financial institutions such as insurers, trust firms, banks, and mortgage lenders. Our goal is to assist clients in obtaining various financial products and services, including insurance policies, estate planning services, and mortgage loans, tailored to their specific needs.

How do you enhance customer experiences to drive revenue growth? What inspired you, and what specific problems or challenges were you aiming to solve? 

I’ve created Adviser Cards, a structured tool designed to enhance and invigorate interactions between advisers and clients, particularly during the initial discovery phase. These cards integrate visual, auditory, and kinesthetic elements to improve client understanding and retention of financial information.

The concept for Adviser Cards originated from my desire to replicate my successful advisory approach into a scalable system. My goal was to make financial discussions more interesting for clients while equipping advisers with a structured framework to facilitate effective conversations.

My objectives were straightforward: to safeguard families from financial crises and elevate professionalism within the industry. Many advisers struggle to strike a balance between delivering accurate information and maintaining engaging dialogues, often leading to perceptions of ‘hard-selling’. By prioritizing meaningful discussions, my aim was to simplify the process, saving time for both clients and advisers while encouraging clients to proactively address their financial needs and aspirations.

“The concept for Adviser Cards originated from my desire to replicate my successful advisory approach into a scalable system.”

What challenges did you face during the development of Adviser Cards, and how did you navigate them?

My main hurdle was getting my team to embrace and use Adviser Cards. Since they were accustomed to a more informal approach, many felt that the structured nature of the cards was too confining. It took a year of persistent effort to transition the group practice to fully integrate the use of Adviser Cards.

“It took a year of persistent effort to transition the group practice to fully integrate the use of Adviser Cards.”

Another significant challenge was assessing the effectiveness of the system. I initially struggled to determine what data to collect and how to measure improvements. Advisers are already busy with their workload, so collecting consistent data was an additional challenge, leading to inaccurate results. It took me two years of research to pinpoint the key metrics for enhancing the system.

Additionally, I grappled with concerns about protecting my intellectual property (IP), which limited the data I could collect. This deliberation lasted from 2018 to 2022, during which I continuously reviewed and refined the content.

Ultimately, a turning point came when I met two members of the Business Network International (BNI) who encouraged me to revive my training endeavors and create the Adviser Cards program in 2022. This prompted me to reconsider sharing my IP beyond my team.

Initially conceived as a tool to enhance advisers’ quality of cases, Adviser Cards soon proved to be instrumental in generating quality referrals and testimonials from satisfied clients, some of whom shared their positive experiences on social media.

In 2023, I officially launched the Adviser Cards program, with 30 advisers eagerly adopting it into their practice. Their remarkable success stories not only validated the program but also highlighted its profound impact on their professional and personal growth.

What is the most significant accomplishment related to Adviser Cards from your perspective?

Observing the significant positive impact of Adviser Cards on clients’ comprehension of financial planning and their eagerness to take action has been exceptionally fulfilling. Seeing my team of advisers embrace Adviser Cards and witnessing tangible improvements in client interactions has been the highlight of this journey.

Furthermore, I’ve recognized the importance of empathizing with clients and understanding their perspectives. This empathetic approach has been pivotal in refining Adviser Cards to better address their needs.

Moreover, I’ve realized the crucial role consistency plays in achieving success. I’m pleased that Adviser Cards assist advisers in maintaining consistency in their daily appointments, which ultimately enhances their effectiveness in serving clients.

“I’ve realized the crucial role consistency plays in achieving success.”

Although the content of Adviser Cards remains consistent, we acknowledge the uniqueness of each client’s financial situation and values. Therefore, our conversations are tailored to suit the individual needs of every client.

Adviser Cards facilitate a highly interactive process, prioritizing human connection. Our students are encouraged to maintain eye contact and use vocal intonations to actively engage with clients, ensuring a personalized and meaningful interaction.

A notable example shared by one of our students illustrates the effectiveness of Adviser Cards. She had a reserved client who typically didn’t engage much during meetings. However, with the introduction of Adviser Cards, the client became more interested and engaged, leading to a comprehensive 5-hour appointment where most of the client’s needs were addressed. This success story demonstrates the effectiveness of Adviser Cards in fostering meaningful client interactions.

Furthermore, our clients often grant permission for us to take a selfie with the testimonial cards they’ve chosen. Many are delighted to participate, and some even allow us to share these photos on social media. This enthusiastic response from clients underscores our commitment to delivering high levels of customer satisfaction.

How do you ensure that Adviser Cards remain responsive to evolving customer needs and market trends?

As the financial landscape and consumer preferences evolve rapidly, the fundamental principles of financial planning remain steadfast. Adviser Cards are designed to offer clarity on individuals’ financial needs, independent of specific financial products.

In light of current trends, there is a noticeable emphasis on enhancing customer experiences. This is precisely where Adviser Cards directs its focus – toward delivering a memorable financial planning experience for clients.

As the creator of Adviser Cards, I prioritize my ongoing professional development. From obtaining certifications like Chartered Financial Consultant in 2012 to becoming a Certified High Net Worth Adviser in 2023, I am currently pursuing certification as a Family Office Practitioner in 2024. Additionally, I have aspirations to pursue a Masters in Wealth Management in the near future.

What are your future plans for advancing and improving Adviser Cards?

For enhancement, we’re focusing on research and development to discover a suitable material that will reduce the weight of the cards without compromising their quality. While we’ve experimented with thinner materials, they didn’t meet our durability standards.

In terms of evolution, we recognize the inevitability of digitization. Our goal is to develop a CRM system that can track the progress of our Adviser Cards conversations with clients, providing a more streamlined and efficient experience.

What trends do you foresee shaping customer experience innovation in your industry?

Looking ahead, we anticipate several trends that will influence customer experience innovation in our industry. One significant trend is the integration of Artificial Intelligence (AI) in FinTech. We believe that by integrating AI with Adviser Cards, we can expand our reach and provide enhanced services to clients worldwide.

How do you spot and leverage new opportunities to enhance customer experience in your industry?

By engaging with both clients and advisers, I pinpoint potential areas for improvement. Additionally, my active involvement in networking with business owners through BNI enables me to gather ideas from diverse industries and adapt them to enhance customer experience within the financial services sector.

“My active involvement in networking with business owners through BNI enables me to gather ideas from diverse industries and adapt them to enhance customer experience within the financial services sector.”

Despite advancements in technology, I’ve found that simply leveraging technology doesn’t always lead to an improved customer experience. However, when utilizing Adviser Cards (AC) as a tool to engage with my clients, I’ve discovered that it significantly enhances their experience during financial advisory appointments.

How do you evaluate the effectiveness of your customer experience initiatives, such as Adviser Cards, and what key performance indicators (KPIs) do you focus on in this assessment?

The success of my customer experience initiatives is measured by the testimonials and referrals provided by satisfied clients. Therefore, the primary KPI I prioritize in this evaluation is the number of testimonials and referrals received from clients who have benefited from our services.

For Adviser Cards, testimonials used to be collected individually on traditional paper. However, as it took time to do so, some clients eventually forgot to do it. Out of the testimonials we collected, we realized that there were similarities that we could summarize into a few common points.

During my previous training courses, I made use of photo props for our group photos taken at the end of the course, with captions that were like testimonials for us. I realized that this idea could be used during AC meetings. Therefore, the testimonials that we consolidated were printed on cards, so clients could easily give their testimonials and take a picture with it.

In that way, collecting testimonials became a convenient and effective process for both advisers and clients.

What advice would you give to businesses looking to improve their customer experience?

I would suggest employing a similar approach to the one I utilize with Adviser Cards (AC) by engaging the three senses – listening, observing, and empathizing. Listen attentively to what customers want, observe their reactions and responses, and empathize with their feelings by putting yourself in their shoes. It’s through this experiential understanding that one can truly enhance a customer’s overall experience.

Can you share the financial or productivity gains resulting from implementing Adviser Cards for improved customer experience? 

The implementation of Adviser Cards has led to remarkable improvements in various quantifiable metrics. 

Firstly, the conversion rate has seen a significant boost, jumping from a range of 15-25% to an impressive 50%-65%. This increase was measured across both new and underperforming advisers. 

For high-performing advisers, while the accuracy of conversion rate metrics may vary, there has been a noticeable increase in deal size, averaging between 20%-40%. 

Additionally, the referral rate has increased from 5%-10% to an impressive 50%-75%, with data inclusive of experienced advisers with up to 25 years of experience. 

Moreover, the number of testimonials has skyrocketed from a mere 0%-2% to an impressive 75%-90%, encompassing advisers of all tenures. 

Client introductions and positive branding have also experienced significant growth, with introductions increasing from 0%-1% to 5%-10% and positive branding from 0% to 3%-5%. 

Despite these substantial improvements, revenue was not measured due to the sensitivity surrounding commission discussions. Overall, these changes have significantly impacted advisers’ business practices, enhancing their online exposure and prioritizing inbound calls over outbound outreach.