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3 Ways To Engage Clients With The Rulebook

BY allison lasley

In wealth management today, client experience is king. But what exactly makes a ‘great’ client experience? As service-based enterprises, RIAs depend on effective communication to retain existing clients and acquire new ones. From lead generation, prospect engagement, onboarding and ongoing planning and reviews; engaging clients with the right information at each stage of their lifecycle is paramount. However, many firms struggle to achieve this due to large data volumes and a lack of automation that puts this data to work. 

In our latest release, Practifi Petit Verdot, we’ve solved for this by making it easier for RIAs to engage clients more effectively and proactively. With the introduction of the Rulebook, advisory teams can be automatically notified when to engage clients at certain stages along the lifecycle, improving the overall client experience.

How does the Rulebook work?

The Rulebook is a comprehensive rule builder that standardizes internal processes across your firm. With it, you can turn any set of data criteria into actions such as alerts, reminders and notifications for your team. Best suited for repeated processes, it’s an easy way to automate common actions to make sure the same steps are followed every single time; ensuring consistency across the firm. It also stores all of your firm’s rules for easy access and management.

When specified criteria are met, the Rulebook can execute one or more of the following actions:

  • Create a task
  • Post to Noticeboard
  • Send a notification 
  • Send an email
  • Start a process

These actions help address two core requirements of effective client engagement: alerting team members when certain things happen and automatically assigning them a task when an action is required. For example, advisors can be notified when a client’s information is expiring, a birthday is coming up or if they haven’t engaged an important client recently – and assigned a task where necessary.

Practifi’s Rulebook comes with 13 pre-built rules to help advisory teams engage clients at the right time during different stages in the client lifecycle. Here are three ways you can use the rules to engage clients more effectively.

3 ways to engage clients with the Rulebook

The Rulebook comes with 13 pre-built rules to help you get started.

Rule #1: Identity documents expiring

For client servicing team members, it’s important to know when a client’s identity documents are expiring so that they can be kept up to date. However, with so many clients to manage, it’s impossible to keep track of all of the IDs in the system.

With the Rulebook, you can build a rule using a set of criteria that looks at a document’s expiration date and sets a time period before the expiration date to trigger a notification. In this instance, notifications are an ideal action because they appear from wherever the user is in Practifi, including the mobile experience. Notifications are great actions to use in situations where the user needs to be made aware of something, but immediate action isn’t necessary. 

Rule #2: Dependent turns 18

For advisors, it’s important to retain clients and AUM for the firm. As part of this, some advisors want to start building relationships with their clients’ dependents early on to increase the chance of them staying with the firm. However, it’s hard for advisors to keep track of all their clients’ dependents and know when is the right time to start building that connection.

With the Rulebook, you can build a rule using criteria that looks at the dependent’s date of birth and triggers a noticeboard post when their age hits a specific number, such as 18. In this example, a noticeboard post that expires after 30 days is an ideal action because it stays on the client overview for a while. This ensures that everyone who visits the client overview, including the advisor and client servicing team, will see the post and be made aware. The advisor can then pursue the opportunity as they see fit. 

Alternatively, another action can be added such as creating a task to set up a meeting with the parents to talk about setting up a Roth IRA for the dependent. As soon as adult children start to earn income, they can begin contributing to an individual retirement account. While many kids may decide to spend their money on personal items, setting up a Roth IRA makes it easier for the dependent and others (such as grandparents) to make contributions in the future.

Rule #3: Platinum client not contacted in 90 days

For advisors, it’s important to retain high-net-worth clients. Advisors want to make sure these clients are taken care of and don’t leave. For high-net-worth clients, this can mean regular communication to show attentiveness and care. However, with so many clients to juggle it can be hard for advisors to remember how much time has passed since a client was last contacted.

With the Rulebook, you can build a rule using a set of criteria that looks at a client’s segment and days since the last contact and automatically triggers the send-an-email action. For example, if a platinum client hasn’t been contacted in 90 days, a scripted email can be automatically sent to them. In this instance, sending an email is an ideal action because it engages the client immediately and also saves time for the advisor.

Automate client engagement

Creating a great client experience requires effective and proactive communication at the right time during a client’s journey. However, many RIAs struggle to do this because of the vast amounts of data they have and restrictive automation.

Leveraging the best of Salesforce and built for the industry, Practifi helps RIAs deliver better client experiences. The Rulebook is just one example of how Practifi empowers advisory teams to communicate with clients more proactively.

The Rulebook is a new feature available as part of Practifi Petit Verdot. If you have any questions regarding the Rulebook, your client success manager will be happy to assist. Alternatively, if you want to learn more about Practifi, reach out to a member of our team today.

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