75% Client Engagement Increase: Optimized Welcome Sequence

75% Client Engagement Increase: Optimized Welcome Sequence

Executive Summary

Summit Wealth Partners, an RIA managing over $300 million in assets, struggled with low initial engagement from new clients. Their existing welcome sequence, a generic series of emails, failed to resonate, leading to poor resource utilization and delayed portfolio reviews. By partnering with Golden Door Asset, Summit implemented a personalized welcome sequence leveraging marketing automation and CRM integration, resulting in a 75% increase in client engagement and a faster path to building strong client relationships.

The Challenge

Summit Wealth Partners, a well-established RIA based in Denver, experienced a common problem: new clients, despite expressing enthusiasm during the onboarding process, often became disengaged shortly after signing on. Their existing welcome sequence consisted of three generic emails sent over a two-week period. This sequence primarily focused on logistical information like account setup and document submission, but lacked personalization and failed to effectively showcase Summit’s value proposition.

Specifically, Summit noticed the following challenges:

• Low Email Open Rates: The average open rate for their existing welcome emails was a mere 28%, indicating that the subject lines and content were not compelling enough to capture clients' attention.
• Limited Resource Utilization: Summit offered a wealth of valuable educational resources, including market outlook reports, financial planning guides, and retirement calculators. However, only 15% of new clients accessed these resources within the first month. This suggested a disconnect between what Summit offered and what clients perceived they needed.
• Delayed Portfolio Reviews: Due to low initial engagement, scheduling initial portfolio reviews often took 6-8 weeks, delaying the opportunity to build rapport and address client concerns. This delay also impacted Summit's ability to proactively identify and address potential portfolio adjustments based on changing market conditions. For a client with a $500,000 portfolio, even a minor delay in optimization could potentially result in missed gains or increased risk exposure.
• Client Attrition: While not directly attributable solely to the welcome sequence, Summit observed a higher rate of client attrition within the first year compared to industry benchmarks. They suspected the lack of early engagement contributed to this issue, as clients may have felt less connected to Summit and less confident in their services. Assuming an average client value of $5,000 per year, even a small increase in retention could significantly boost revenue.
• Inefficient Advisor Time: Advisors spent a significant amount of time manually following up with new clients to encourage resource utilization and schedule initial calls. This inefficient use of time diverted them from other critical tasks, such as investment research and client relationship management.

Summit realized that their existing welcome sequence was a missed opportunity to make a strong first impression, build trust, and set clear expectations. They needed a more engaging and personalized approach to effectively onboard new clients and foster long-lasting relationships.

The Approach

To address Summit's challenges, Golden Door Asset worked closely with their team to redesign the welcome sequence with a focus on personalization, education, and proactive engagement. Our approach involved the following key steps:

1. Client Segmentation: We began by segmenting Summit's client base based on factors such as age, investment goals, risk tolerance, and financial situation. This allowed us to tailor the welcome sequence to specific client needs and preferences. For example, a younger client focused on wealth accumulation would receive different content than a retiree focused on income generation.

2. Content Optimization: We revamped the content of the welcome emails to be more engaging, informative, and personalized. This involved:

   • Compelling Subject Lines: We crafted subject lines that were attention-grabbing and relevant to the client's specific situation. For instance, a subject line might read, "Your Personalized Retirement Roadmap is Ready."
   • Personalized Messaging: We used CRM data to personalize the email content with the client's name, investment goals, and other relevant information.
   • Value-Driven Content: We focused on highlighting the benefits of working with Summit and showcasing their expertise. This included sharing success stories, case studies, and testimonials.
   • Clear Call-to-Actions: We included clear and concise calls-to-action, such as "Download Your Financial Planning Guide" or "Schedule Your Introductory Call."

3. Educational Resources: We created a curated library of educational resources tailored to different client segments. These resources included:

   • Market Outlook Reports: Providing insights on current market conditions and investment opportunities.
   • Financial Planning Guides: Offering guidance on topics such as retirement planning, college savings, and estate planning.
   • Retirement Calculators: Allowing clients to estimate their retirement income needs and savings goals.
   • Video Tutorials: Explaining complex financial concepts in a simple and engaging way.

4. Introductory Calls: We implemented a process for scheduling introductory calls with key members of the Summit team, including the lead advisor, financial planner, and client service representative. These calls provided an opportunity to:

   • Build Rapport: Get to know the client on a personal level and establish a strong relationship.
   • Address Concerns: Answer any questions the client may have and alleviate any concerns.
   • Set Expectations: Clearly outline the next steps in the onboarding process and explain how Summit will help the client achieve their financial goals.

5. Marketing Automation: We utilized a marketing automation platform (HubSpot) to deliver the personalized welcome sequence. This allowed us to:

   • Automate Email Delivery: Send emails at the optimal time based on client behavior and preferences.
   • Track Engagement Metrics: Monitor email open rates, click-through rates, and resource downloads.
   • Trigger Automated Actions: Trigger automated actions based on client behavior, such as sending a follow-up email to clients who haven't opened a particular email or scheduling a phone call with clients who have downloaded a specific resource.

6. Data-Driven Optimization: We continuously monitored the performance of the welcome sequence and made adjustments based on data and client feedback. This involved A/B testing different subject lines, email content, and call-to-actions to identify what resonated best with clients.

Technical Implementation

The implementation of the optimized welcome sequence involved a seamless integration between Summit's CRM system and HubSpot, the chosen marketing automation platform.

• CRM Integration: We integrated HubSpot with Summit's CRM (Salesforce) to automatically sync client data, including contact information, investment goals, and risk tolerance. This ensured that the welcome sequence was always personalized with the most up-to-date information. The integration used secure APIs to ensure data privacy and compliance with industry regulations.
• Segmentation Logic: Within HubSpot, we created dynamic lists based on the client segments defined earlier. These lists automatically updated as new clients were added or as their information changed in the CRM.
• Email Sequence Configuration: We configured the email sequence within HubSpot, defining the content of each email, the timing of delivery, and the triggers for automated actions. For example, an email reminding clients to complete their risk assessment questionnaire would be triggered if they hadn't done so within 3 days of receiving the initial welcome email.
• Resource Tracking: We integrated HubSpot with Summit's resource library to track which resources clients downloaded and viewed. This provided valuable insights into client interests and needs.
• Reporting and Analytics: We set up custom reports within HubSpot to track key engagement metrics, such as email open rates, click-through rates, resource downloads, and introductory call completion rates. We used these reports to monitor the performance of the welcome sequence and identify areas for improvement.
• Calculations: To calculate the ROI, we tracked the increase in engagement based on the defined metrics before and after the implementation of the new sequence. For example, if the average client portfolio size was $500,000 and Summit's average advisory fee was 1%, an increase in client retention by even 1% would translate to an additional $50,000 in annual revenue.

Results & ROI

The revamped welcome sequence delivered significant improvements in client engagement and overall business performance.

• Client Engagement Increase: Client engagement increased by 75% as measured by email open rates, resource downloads, and participation in introductory calls. Specifically:
  • Email Open Rates: Increased from 28% to 65%.
  • Resource Downloads: Increased from 15% to 50%.
  • Introductory Call Completion Rate: Increased from 40% to 80%.
• Reduced Time to Portfolio Review: The average time to schedule an initial portfolio review decreased from 6-8 weeks to 2-3 weeks.
• Improved Client Retention: Client attrition within the first year decreased by 15%.
• Advisor Time Savings: Advisors spent 20% less time manually following up with new clients.
• Increased Revenue: Based on the improved client retention rate and increased client engagement, Summit estimates an additional $150,000 in annual revenue.

These results demonstrate the power of a personalized and engaging welcome sequence in fostering strong client relationships and driving business growth.

Key Takeaways

Here are 3 key takeaways for other advisors looking to improve their client onboarding process:

1. Personalization is Paramount: Generic welcome sequences are ineffective. Tailor your messaging and content to the specific needs and preferences of each client segment.
2. Education Engages: Provide valuable educational resources that empower clients to make informed financial decisions.
3. Proactive Engagement Builds Trust: Don't wait for clients to reach out to you. Schedule introductory calls and proactively address any concerns they may have.

About Golden Door Asset

Golden Door Asset builds AI-powered intelligence tools for RIAs. Our platform helps advisors personalize client experiences and automate key workflows. Visit our tools to see how we can help your practice.