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In the rapidly evolving landscape of financial services, the integration of cutting-edge technologies is not just beneficial—it’s essential for staying competitive and enhancing client satisfaction. Our team’s strategic implementation of Nitrogen, formerly known as Riskalyze, has allowed us to streamline our client onboarding processes, effectively engage clients, and generate prospects from clients.
Here are three ways we use Nitrogen to help us elevate client engagement and grow our AUM with more client referrals.
1. Onboarding clients
When a client joins Carson Wealth–Taylor Financial Group, one of the first and crucial steps is the completion of the Nitrogen risk tolerance questionnaire. This tool, accessible through a customized online link on our website, allows us to assess a client’s risk tolerance. By comparing the client’s personal risk score with her current portfolio’s risk score, we can tailor investment strategies to better align with her comfort levels.
The Nitrogen risk scores have greatly simplified the process of aligning clients’ risk tolerances with the risk in their portfolios. This risk-alignment process now takes a fraction of the time that it used to, which allows our team to spend even more time assisting clients in other ways. The metrics also allow us to better monitor and understand clients’ risk scores going forward!
We also found that actively participating and completing the risk tolerance questionnaire enables clients to “buy in” even more with our firm. It makes our clients feel more involved in the investment process. Clients appreciate the simplicity of the risk tolerance questionnaire, as it makes the conversation of risk more easily understandable.
Our comprehensive assessment of the risk results has initiated insightful conversations between our advisors and clients. This sets the stage for transparent and personalized client relationships from the outset.
Figure 1: Taking the Risk Tolerance Questionnaire
Pro tip: Have new clients complete the Nitrogen risk tolerance questionnaire right away. This helps tailor their investment strategies to match their risk comfort levels, ensuring a transparent and personalized relationship from the beginning.
2. Ongoing engagement
Nitrogen also serves as an ongoing engagement tool. Regularly scheduled risk tolerance check-ins help us maintain open lines of communication and adjust strategies according to any changes in clients’ attitudes toward risk. This consistent interaction reassures clients that we are attentive and responsive to their needs, especially during volatile market conditions.
Figure 2: Checking in With Clients
Source: Carson Wealth-Taylor Financial Group
When clients respond with negative answers to either (or both) check-in questions, it prompts us to reach out to those clients for additional feedback. This proactive approach shows our clients that we are attentive to their needs and gives us an opportunity to assuage their fears.
When clients answer with positive answers to both check-in questions, we reach out to thank them for participating and say that we are happy to hear they feel good about the markets and are confident in their future.
We have implemented a Nitrogen action plan that prompts clients to retake the Nitrogen questionnaire every two years, to track changes in their risk tolerance across time and market conditions. This systematic approach builds our client behavior database and strengthens our investment management decisions.
Pro tip: Use Nitrogen to ask clients for their opinions of the market and their financial futures. Then use this insight to tailor follow-up communications.
3. Generating referrals from clients
Risk tolerance check-in emails also provide a way for us to generate referrals from clients. When we receive positive feedback from clients through the check-ins, we encourage them to think of friends, family, or colleagues who don’t feel as confident about their investments or financial future.
An example check-in email may look like the following: “Thank you so much for replying to our Riskalyze check-in. Your answers indicate that you are confident with the market and that you are confident with your financial future. That is great news, and we are thrilled to hear it! We have worked hard with you on your investment strategy and in creating a financial plan, so it’s nice to hear that you believe we are making good progress. Is there anyone you know that might be feeling anxious or nervous regarding their financial plan or the markets?”
We have received very positive feedback from these check-ins, as many clients have family and friends that are not very confident in their financial futures. This gives us an opportunity to ask for referrals without appearing as “pushy” or making our clients feel pressured.
Ultimately, the Nitrogen risk tolerance check-ins combined with our follow-up emails allow us to ask for client referrals specifically from our happiest clients and increase the chances that they will provide us with interested prospects.
Pro tip: Take the Nitrogen check-ins a step further by following up and asking your happiest and most satisfied clients for referrals!
Integrating Nitrogen into our client engagement strategy has proven to be a game-changer for our firm. By leveraging its comprehensive risk assessment tools, we have significantly improved our onboarding processes, maintained effective ongoing client communication, and generated valuable client referrals. More importantly, clients feel valued and actively involved in this collaborative process.
The initial risk tolerance questionnaire sets the foundation for a personalized client relationship, while regular check-ins ensure we stay attuned to our clients’ evolving needs. Finally, using positive feedback from these check-ins to solicit referrals has been instrumental in expanding our client base.
Our team has put a lot of time and effort into the strategic implementation of cutting-edge technologies like Nitrogen. As a result, Nitrogen enables us to provide personalized client experiences, adapt to market changes swiftly, and ultimately, drive business growth.
By continuing to refine and enhance our use of Nitrogen, we remain committed to delivering exceptional service and achieving our clients’ financial goals.