The document discusses the importance of customer experience (CX) for wealth managers, highlighting how it influences investor confidence and decision-making. It emphasizes that wealth managers must reclaim control of the customer experience from third-party advisers to capture client attention and preference. Lexden offers a CX maturity audit and improvement programs to help wealth management firms enhance their customer strategies for better financial performance.

1. “Hello. I’m a potential investor.
Can you help me please?”
Customer Experience
for Wealth Managers
by Christopher Brooks, Lexden
Customer Marketing Strategists
putting the customer at the start
and the heart of the business
decision making process.
Please contact us if you would
like to know more about how we
can help with customer
strategies such as customer
experience, customer
propositions, acquisition,
retention or brand enrichment.
Without guidance we are lost
Lexden Ltd
83 Great Titchfield Street | London |
W1W 6RH | T: +44 (0)207 637 8836 |
www.lexdengroup.com |
christopherbrooks@lexdengroup.com

2. “Without guidance,
how will I know where
to invest?”
As a potential investor, I’ve been
comfortable following the trail of
confidence clues the adviser has
provided me| The adviser has put
wealth management brands on my
radar | Their ads I now spot and they
reaffirm what the brands stand for and
what criteria I should consider when
selecting between them | I ask others,
they have seen and comment on these
signs of brand strength | This
combination has influenced the wealth
manager I choose | The wealth manager
knows the ‘ad impact’ and ‘NPS’ scores
have been good indicators of prospect
activity | All is well.
But imagine if the adviser wasn’t able to
guide me? | Undirected, the brands
aren’t on my radar | The ads now pass
me by | It happens to others too, they
no longer can help me | Without this
confidence, uncertainty creeps into my
criteria & consideration thoughts | I am
now lost | All is no longer well.

3. Why customer experience will be so important to the
future success of Wealth Management organisations
What is the
purpose of a
Wealth
Manager?
A wealth management business is driven to achieve a better financial performance than their
competitors (which could mean other wealth managers, apathy or other investment classes).
And so they should be. After all that’s the business they are in; achieving a positive financial
performance for their stakeholders. That’s why clients choose them over others.
However, an investors commitment to a wealth management brand to make a return is a leap
How much
of faith (or they might say calculated risk) until it delivers. The uncertainty of a future outcome is a
impact does CX dominant modern theme of our times.
have on their
business?
So how does the modern wealth manager, in the absence of being able to predict future outcomes,
create the confidence it can deliver? This is achieved in the strength of its assets and advocates that
it’s clients experience. As with any purchase, clients apportion importance to each factor*.
However, unlike most markets, the wealth management target operating model (driven by
regulation) has outsourced control of a key driver of choice to the mercy of a third party; the
adviser. In some sectors this ‘experience’ represents as much as 40% of the decision making criteria.
Reclaiming
control in the
new world
Now the rules have changed, the role of the adviser and their importance to wealth manager and
client alike has changed – so how will clients recalibrate confidence preference now?. It will be
those wealth managers who can supplement that 40% confidence gap with a credible experience
who will capture the attention, consideration and preference of clients in the new world.
* Breakdown of factors impacting choice of Wealth Manager available from Lexden. See slide 4.

4. Where do you start with Customer Experience?
Recognise the
real customer
Hotels confuse a room with a customer.
Utilities confuse a meter with a customer. It
happens. And Wealth Managers confuse
funds to invest with the customer.
It is important for the organisation to
recognise the role the end client plays in
driving the profit. And the impact everyone
has on that outcome.
Invest appropriately in
business assets
Keep it
Commercial
There are several factors which influence
client consideration, preference,
commitment and retention.
As an agency dedicated to putting customers
first, we recognise the currency of any
business is revenue and profits.
Amongst these are brand, experience and
performance.
To ensure customer improvements (which
lead to increased customer satisfaction,
customer advocacy & customer retention) are
supported, a commercial business cases like
any other business investment is required.
Recognising the real customer works. The UK
top 10 performers in Customer Experience
outperform the FTSE 500 by 980%.
Organisations are often surprised when the
financial driver (e.g. price, performance) is
only the third or fourth most important
factor. Especially when they calculate how
much they invest in this area versus the
more influential areas of preference.
Lexden provide a CX Maturity Audit &
Roadmap to help the business understand
where it is now, where it should aim to be to
maximise customer profits and the roadmap
of improvements needed to achieve this.
Lexden can structure a two phase CX
Improvements Programme to identify where
resources can achieve the greatest
incremental return on CX activity as well as
how to reduce the ‘cost to serve’ customers.
Framing the customer as a currency helps
push the focus on to the KPI dashboard and
the boardroom agenda.
Lexden recognise the importance of
stakeholder engagement & culture change
to become successful in CX. Our governance
programme helps the business realign itself
around the customer and all that entails.

5. Lexden’s CX for Wealth Managers programme
1. Maturity Audit & Roadmap
We will assess where you
are, where you should be
and create a roadmap for
you to realise the full
commercial opportunity of
CX.
2. Set-up & kick-off
Define vision, commercial
ambition and resource
deployment required . Scope
key CX improvement work
streams and supporting
governance.
3. CX Fix & Build programme
Discover and develop
improvements. Track and
report performance. Continued
socialisation of improvements
and incremental contribution.

6. Based in London and Edinburgh, we provide an
introduction through to full delivery of customer
experience programmes
We are Customer Marketing Strategists putting the customer at
the start and the heart of the business decision making process.
Please contact us if you would like to know more about how we
can help with customer strategies such as customer experience,
customer propositions, acquisition, retention or brand
enrichment.

7. LEXDEN | Putting
customers at the
start and the heart
of the marketing
strategy
JUDGE
83 Great Titchfiled Street, London, W1W 6RH
www.lexdengroup.com | @consultingchris

8. What our clients say they value from Lexden
“The method of work &
fundamentally the results,
demonstrated an intelligent,
progressive & creative marketing. It
consumed everyone with the
motivating approach”
Hugo Pinea, Oney Bank, Portugal
“They always provide the highest quality
work and output that is grounded in the
commercial realities of the business.”
Colin Robertson, Director Customer,
P & L, MORE TH>N
“They brought our research to life with such
flair and imagination that the business just
had to sit up and take notice“
Tom Kerr, Head of Insight, Tesco Bank
“Lexden taught me a tremendous
amount about what it means to really
think customer”
Celia Felgate, Customer Experience
Manager, npower