"We can adopt an integrated methodology,” Lellis said. “Today, a client works with their primary advisor and may be referred a various stages to a tax specialist, an estate planning person, a portfolio specialist – each of whom works independently. It should be an integrated experience. We can leverage technology to share notes among specialists. And this should be fast – there should not be a lengthy window of time that a client between these checkups. All the specialists that touch the client experience should have the information necessary to have a meaningful conversation. That’s how client experience should be delivered.”

“We actually explored this topic pretty heavily to develop our advisor program called driving growth through multi-generational relationships to formulate a plan,” said William Bruckner, Head of Consulting and Implementation, Managing Director at BNY Mellon, Pershing. We looked at how multifamily offices become the destination of choice for wealthy families. And then we determined what the wealth managers and advisory firms that don't cater exclusively to the ultra-high-net-worth segment should adopt."

“The portal is just such an uninspired experience,” said Shannon Spotswood, President of RFG Advisory. “When you look at what you can do with phones and how we interact with technology as an industry – money is ultimately emotional and our client portals are like, ‘Let me show you a pie graph.'"

According to Martine Lellis, Chief Talent & Business Solutions Officer at Mercer Advisors, a good client experience is one thing: efficient. She points to the Mayo Clinic as a customer experience advisors should strive for.

“It’s this integrated methodology,” Lellis said. “If you’re working with your primary advisor and maybe there’s a tax person and estate planning person and a portfolio specialist – it should be an integrated experience. Technology comes into play because of all the notes [between specialists]. And it should be fast – there should not be a lengthy window of time that a client goes through to get these checkups. All these specialists that are touching that client experience have the information that is necessary to have that conversation. That’s how client experience should be delivered.”

“One of the common traps in the industry is the idea that market growth should count toward your growth,” said Ron Bullis of Lifeworks Advisors. “We don’t count market growth because it’s not something we proactively did, it’s not something we can influence.”

Heather Goodman, COO & President of True Capital Management in San Francisco, said her firm has basically solved this issue this year by adding a brand new position: Transition Manager.

According to Goodman, the thought behind this new position is to have “one person who kind of liaise[s] between all the different people who are involved with onboarding a client, so it should streamline the process and take the lift off of the business development client service team.”

The current gold standard advisors seem to be aiming for is “mass customization,” which, as Andrew Altfest put it during a recent RIAEdge Think Tank, boils down to “creating different experiences for different people without clients having to pay us a fortune.”