On a recent work trip, I had two different transportation experiences. The first was with a taxi. I actually hadn’t taken a taxi for quite a while, but I was having issues with my Uber app, so I decided I’d grab a taxi to take me from the airport to my hotel.

At first, I had difficulty even finding a taxi. And when I eventually found one, I was reminded that I had to verbally give the driver the address for my destination. Once we headed out, I didn’t know how long it would take to get there or how much it would cost.

This is in stark contrast to my typical Uber experience: I know who my driver will be in advance, I know how long it will be before they arrive and how much I’ll pay, and I don’t even need to pay the Uber driver directly. I can also leave feedback for other passengers about my experience and read comments from other passengers to get an idea of what I can expect on my trip.

The client onboarding process: Taxi or Uber?

The taxi experience made me think about new client onboarding: How are clients perceiving the process? Is it more like hailing a taxi or ordering an Uber?

A new advisory relationship inevitably entails some level of uncertainty for clients. They may even be questioning whether they made the right decision in choosing you before that foundation of trust is firmly in place.

So, with the taxi versus Uber comparison in mind, following are some considerations to help establish an onboarding process that takes its cues from the Uber experience so you can exceed client expectations right from the start.

Consistency is key

The onboarding phase is critical to establishing a strong foundation for successful and enduring client relationships. And when it comes to ensuring a positive experience for all new clients, consistency is key.

The parallels to Uber versus taxi are pretty obvious: With Uber, you always follow the same process through a streamlined and intuitive app. This is in contrast to a taxi, where every company – and driver – delivers a different experience. And you don’t really know what you’re going to get until you hop into the backseat.

A standardized onboarding process ensures that every client, regardless of their background or circumstances, receives a uniform and well-structured introduction to the team and the services you provide. It demonstrates a high level of professionalism and organization, setting a positive tone at the beginning of the relationship.

A consistent process also helps advisors gather comprehensive information about the client’s financial goals, risk tolerance, and preferences, which enables the team to create personalized strategies more effectively. And it can assist in building a long-lasting relationship and creating ambassadors for your practice – much like Uber builds client loyalty through the consistency and ease of their ridesharing program.

Remove uncertainty

As you and your team design your firm’s onboarding process, you’ll want to list all the activities that will need to be completed for each new client, such as collecting account paperwork, sending a welcome kit, adding personal information – as well as needs, wants and values, once you’ve discussed them – to your CRM system, and assigning follow-up activities. Next, group these activities based on when they should be completed.

While going through this process, it’s important to consider client psychology. Specifically, how can you make the experience feel smoother and safer by removing uncertainty – much like Uber does?

This is important because there may be some anxiety, particularly if a new client had a bad advisory experience in the past or has never worked with a financial advisor before. Having transparency in the steps involved, along with regular check-ins, will be incredibly impactful in those cases. Again, consider how your Uber driver provides updates as they approach your pick-up location. You also have their name, photo, and car information ahead of time, so you know what to watch for and who you’ll be riding with.

Another way to remove uncertainty is by being new clients’ personal partner throughout the onboarding journey rather than handing them off to someone unfamiliar. Doing so will make clients feel welcomed and less likely to question their decision in choosing you.

While you will want to take the lead, be sure to introduce new clients to others on the team they might be working with during the onboarding process. This is especially impactful when each of these interactions consistently reflects the practice’s passions, purpose, and culture.

Embrace data collection

Drawing on the Uber model again, consider how the company strategically uses customer data to streamline the user experience and provide personalized service.

To emulate that model, create a Client Experience Committee that will be responsible for ensuring everyone on the team is aware of the onboarding structure, tools, and CRM activities that will be assigned. The committee will also track the client experience to understand whether new clients perceive the process as seamless and streamlined while gaining insights on whether there are stress points that need refinement. For example, clients may need support completing the paperwork or navigating the website.

By spending time uncovering each unique client’s needs and preferences within the first 30 days, you can ensure your new clients feel seen and heard and proactively cater to their expectations. This includes understanding what they value in a relationship and how best to support them outside of financial planning.

Lastly, establish a schedule for following up on the data you’re collecting. Within 45 days, review ongoing maintenance and follow-up activities captured in your CRM as additional ways to strengthen the connection – for example, checking in on beneficiary designations and RMDs, or scheduling the next review. Within 60 days, gather information on centers of influence your new client works with and start reaching out to build those connections as well.

Keeping clients informed

A key aspect of the Uber experience is the consistent updates we receive through the app: With a quick glance at our phone, we know exactly where our driver is and the progress we’ve made on a trip.

Keeping clients informed every step of the way doesn’t have to be complicated (you don’t even need an app for it). It can be as simple as sending a weekly email that lets them know which items have been completed, which are on hold and why, and what to expect next. Implementing a system like this will also help alleviate that feeling of uncertainty and serve to bring new clients closer to the team.

A smoother journey

As stated at the beginning, whether I take a taxi or an Uber, I still arrive at my destination. However, my experience on the journey can be vastly different based on which option I choose and determines how I feel about the service, whether I will continue to use it, and how I will describe it to others. Likewise, you can set your client onboarding journey apart by bringing on new clients in a way that feels less like a checklist and more like an experience.

To take it a step further, having an elevated client experience during onboarding is an opportunity for new clients to share their story with friends and family on how you and your team set the tone right from the start. An experience like that will not only be worthy of a five-star review; it will create a lasting impression and build a strong foundation for the relationship for years to come.