February 16, 2021 | Stamford, CT USA — U.S. wealth managers were slow to meet client expectations during the COVID-19 crisis. Only 70% of the wealth clients participating in the 2020 Greenwich Associates Wealth Benchmarking Study reported high satisfaction with their U.S. wealth advisor.
This year’s best-in-class firm, BBVA Global Wealth, actually exceeded client expectations by combining their high-touch service model with a technology-enabled response to the crisis. They impressed their clients by doing whatever it took to stay connected during the COVID-19 crisis and recognized a 94% client satisfaction score for their wealth advisors.
“That’s a striking satisfaction score during a period of global pandemic, historic market volatility and the overnight shift to work-from-home,” said Jacqueline Vose, Relationship Director for Greenwich Associates.
Wealth managers that were able to maintain high levels of engagement with their clients did so by harnessing technology. In fact, the surge in IT spending and technology adoption is already transforming the wealth management industry and reshaping the role of the wealth advisor.
“While they were firing up laptops at home, forwarding work lines to mobile phones and zooming, U.S. wealth managers did not realize they were creating a new service model,” says Jacqueline Vose.
This new model merged the traditional “high-touch” business of wealth advisory with “high tech” needs during Covid-19. Greenwich Associates believes that the rapid uptake of technology and the development of this new model represents a turning point for wealth firms and their client engagement that will outlive the current crisis.
Focus on Client Service pays off
BBVA Global Wealth is an example of a wealth advisor that successfully employed this new “tech and touch” model during the pandemic. While the performance of other regional bank wealth firms declined 13 points during the crisis, BBVA Global Wealth excelled and gained by almost double-digits in client loyalty.
They exceeded client expectations in providing prompt follow up and expert advice by having mindful and meaningful conversations. In comparison, only half of U.S. wealth clients felt the same about their advisor’s prompt follow up through the tenuous months of the pandemic.
“At BBVA Global Wealth, meeting the needs of our clients is in our DNA,” said Hector Chacon, Head of BBVA Global Wealth. “After we ensured the safety of our advisors, we turned our attention to taking care of our clients. Regardless of what is happening in the world, we know the one-on-one relationship with our clients is our focal point.”