The Delicate Balance of Compliance in the Client Experience
by Pam Thompson
In the world of insurance and investment sales, there are countless regulations that generate a lot of paperwork. In order for a company to meet compliancy standards it needs to maintain a compliant practice while providing an exceptional client experience.
As the Director of Operations and Compliance at one of these companies, my work is heavy on creating compliant processes relating to our client experience; I work with our administrative team, coaching and assisting them in implementing these strategies.
A process-driven firm is constantly rethinking paths and being creative about it. This philosophy requires investing time and money into raising the bar in order to maintain compliance while meeting the highest standards of client service.
In my mind, and when I’m creating processes to merge compliance and customer experience, there are three pillars I build on to ensure a satisfactory environment for both advisors and clients. These pillars are: building trust, maintaining positivity and developing compliant processes.
Trust, expertise and ethics are qualities that investors most value in their advisors and firms. Trust gives exceptional value in terms of client experience and compliance can complement this process. Strive to always meet these standards and demand it of your CX team:
• Be reliable. Consistency reinforces trust when our clients know they can count on us and we
reliably back it up with a proven track record.
• Be transparent.Essential for building a trusting relationship with clients, transparency begins with good communication.
• Be proactive. We reach out and maintain regular contact. Our processes were built on the basis of being proactive.
• Be available. Making time for our clients lets them know that we value them.
• Be authentic. We strive to create real and genuine relationships through building trust with our clients.
• Honour feedback. Client feedback guides our business in the right direction.
Think Mary Poppins, without the umbrella. We all have to deliver medicine now and then and a spoonful of sugar goes a long way in helping it down. Delivering a positive client experience while maintaining a compliant practice is essential at every stage of the client journey. With proactive processes in place we can reduce time and effort and keep the onboarding process as simple and agreeable as possible.
DEVELOPING COMPLIANT PROCESSES
Our processes are created with compliance in mind so that we can ensure our client journey is compliant every step of the way.
• We establish intent and determine our goals
• We create a written process and implement it with our team
Fortunately, I work with a company committed to achieving the highest levels of client service and the flexibility to achieve that while operating at above-peak compliance standards.
Don’t ever feel that compliance should make you sacrifice the client service you want to deliver. Balance is achievable, it’s just about finding that sweet spot, no matter how many times the rules change.
Founded in 2012, by Mike D’Alessandro and Darrell Wade, Park Place Financial grew quickly to become one of Central and Eastern Ontario’s top wealth and estate planning firms. Its mission, to be known for excellence in helping grow and preserve the wealth accumulated by family business owners and entrepreneurs across multiple generations. In 2018, Terry Windrem Insurance Agencies joined Park Place Financial, firmly positioning the business as an industry leader in wealth and risk management.