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Client engagement can help MFDs retain existing clients and increase wallet share from the existing clients.
Wylth, an independent wealth-tech facilitator, in partnership with Cafemutual, has conducted a webinar on the strategies that mutual fund distributors can employ to enhance their engagement with their existing clients.
Amit Shah, founder of Wylth, talked to Nishant Patnaik, Associate Editor at Cafemutual, about the ways and methods that the MFDs can adopt to engage with clients effectively.
Here are the key takeaways from the webinar:
Client engagement program
The MFDs should develop a dedicated client engagement program to engage their clients so that he/she can retain them. Here are the key things that the client engagement program should include;
- Do clear segmentation based on their AUM, risk-profile and goals
- Maintain a calendar dedicated to client engagement
- Deploy tech solutions like CRM and other analysis tools to do review meetings
- Set up a mechanism to seek the feedbacks of the clients
- Conduct short satisfaction surveys to build trust and brand value
How to increase the engagement
- Conduct webinars and seminars on the pressing issues in the industry
- Send regular e-mail or newsletter updates to keep the clients informed
- Stay in constant touch with clients by calling them on birthdays, anniversary and so on
- Conduct specific workshops around issues like retirement and goal planning
Fulfilling the expectations of clients
- Have a website and mobile app with customer friendly interface
- Provide some self-service tools for their clients like report generation and capital gains statement so that they can feel empowered to take informed decisions
- Give timely assurance that clients financial and personal data are safe
Other tools
- Use e-mail marketing platforms to reach out to large number of clients and customize your messages based on target segment
- Video conferencing tools can help you reach a wide range of clients
- Hold regular and frequent review meetings to discuss about the changes in their lives, insurance and risk management, tax strategies and financial education
Watch the whole session below
