Wait a minute, customer service is so bad because it's profitable? We explore our pillars of customer service at Members' Wealth. 

Frustrated with the customer service I was receiving, I pounded into the Google search engine: “Why has customer service been so bad?” It was like yelling my frustrations out loud in the modern world. I did not really expect an answer, but it is Google after all, and I was floored by the first hit: 

I then went on to ask CHAT GPT[i]: “Why has customer service been so bad?” Shame on me for not giving them a word limit (For your reading pleasure, a long, no-limit response in the endnote[ii]):

Ok, let’s try this again: “Hey ChatGPT, how about an answer in 50 words or less?”

“Customer service can be bad due to various factors such as lack of resources, training, motivation, communication, and inefficient processes. Companies that do not prioritize customer service and invest in necessary resources and training are more likely to deliver subpar service.”

Funny, ChatGPT did not say that chatbots were why customer service was so bad….but that’s a discussion for another time.

Better though, was how humble ChatGPT was with my follow-up question: “Will A.I. help improve customer service?”

“While AI has the potential to improve customer service, it's important to note that it's not a silver bullet solution. Companies must still prioritize investing in human resources, training, and effective processes to deliver exceptional customer service.”

Emphasis is mine.

Let us unpack a few of these words that I think ChatGPT nailed.

INVEST. HUMAN. PROCESS. EXCEPTIONAL.

INVEST
Customer service is not a cost; it is an INVESTment. Unfortunately, most firms treat service as a cost and not an investment. Often, the larger they grow, the more they focus on shareholder profit instead of fiduciary responsibility to the client. At Members’ Wealth, service always comes first. Embedded in our culture is the belief that clients, employees, and service all come before profit. We invest in our employees so that we can deliver top-notch service to our clients.

HUMAN
Wealth management is a people business. The clients are the people. The employees are the people. We believe people are so important that we have built our logo around this concept. Since the dawn of time, technology has been used to enhance the human experience. Artificial Intelligence may replace jobs, but it will not replace the benefits of human-to-human interaction (which I recognize is contrary to how some feel about AI, but I am allowed to have an occasional opinion).

PROCESS
From day one, the founders of Members’ Wealth have specifically created defined roles including one focused solely on Process and Operations. Tim Thomas, our Director of Operations, leads this effort and brings the tenacity to continually seek to improve our processes so that we can reach our goal of creating the best experience for our clients.

EXCEPTIONAL
Investment in human resources and operational processes is nothing without a dedication to being EXCEPTIONAL. We chose Colleen Mahoney as our Director of Client Experience based on her passion for providing clients with an exceptional experience in every interaction with our firm.

INVESTMENT in HUMANS + INNOVATION in PROCESS = EXCEPTIONAL CLIENT EXPERIENCE

NOT INVESTING (aka cutting costs) in HUMANS + STAGNANT PROCESS = SUBPAR CLIENT EXPERIENCE

So, how do you reconcile the Harvard Business Review headline that claims bad customer service is profitable? First off, read the whole article. While the headline speaks the truth, it does not apply to all situations. It mainly applies to large companies, with oligopolies or monopolies with high switching costs and incredibly large market share. With each passing year, it applies less and less to financial services and wealth management. Despite this, the industry keeps treating financial services as a product although “services” is in its name.

Do not get us wrong, we invest in technology at Members’ Wealth, just not at the expense of client service. In our personal surveys of what people want from a wealth advisor or financial planner, we found overwhelmingly that people want; someone that they can trust and someone they can get in touch with quickly, whether on the phone or over email, to help answer their questions around all things involving their $$$$$.

And we couldn’t agree more with what people want, which is why we view exceptional service as the most important variable to your financial well-being. Our people answer our phones, our people respond to your emails, and our people answer your questions. They know and care about your family and your objectives. Sometimes, simply getting back to the basics is what separates the exceptional from all the others.

Footnotes 

[i] ChatGPT is a natural language processing* tool driven by AI technology that allows you to have human-like conversations and much more with the chatbot. The language model can answer questions and assist you with tasks like composing emails, essays, and code.

[ii] Customer service can be poor for a variety of reasons, such as lack of resources or training, insufficient employee motivation or engagement, poor communication, or inadequate processes and procedures. Some specific factors that can contribute to poor customer service include:

1. Lack of investment: Companies that don't invest in customer service infrastructure and training for their employees are more likely to deliver subpar service.
2. Inefficient processes: Poorly designed or outdated processes can slow down response times, increase wait times, and create unnecessary barriers for customers.
3. Lack of communication: If employees are not properly trained to communicate with customers or with each other, information can get lost in the shuffle or misinterpreted, leading to errors or confusion.
4. Employee burnout: Customer service employees may experience high levels of stress and burnout due to long hours, difficult customers, and inadequate support from management.
5. Lack of accountability: Without clear accountability measures in place, employees may not feel motivated to provide excellent service or may not be held responsible for mistakes.

Improving customer service often requires a holistic approach that addresses all of these factors and more. Companies that prioritize customer service and invest in the necessary resources and training can create a positive experience for their customers and improve their bottom line as a result.

*What is natural language processing? Natural language processing (NLP) refers to the branch of computer science—and more specifically, the branch of artificial intelligence or AI—concerned with giving computers the ability to understand text and spoken words in much the same way human beings can.

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