However, an interesting trend has emerged: a noticeable decrease in clients’ patience and increase in unsatisfied outcomes due to timescales. And I wanted to explore some of the reasons behind this phenomenon, what some of the implications are for brokers and administrators, and my coping strategies to navigate these challenges successfully.
Clients come with their own set of demands and desires, however, these expectations have gained significance in the current market, as clients seek prompt responses and immediate access to information. In an era of instant gratification, clients expect answers within minutes, sometimes seconds, often reaching out via multiple channels and showing dissatisfaction if they have to wait.
Tech promotes impatience
One factor contributing to this shortened patience is the rise IT-literate clientele and general technology advancements. Armed with smartphones at their fingertips and online access, they can obtain quotes, calculations, and information at the touch of a button. However, the flood of information often comes with jargon, leaving them in need of expert advice, which is where we come in. Consequently, they then expect swift responses but may not fully comprehend the intricacies of the information we must “translate”.
Managing client expectations in the face of shortened patience presents unique challenges. For instance, clients may contact us outside of working hours and become dissatisfied when they receive a response the next morning. Some even eschew appointments, opting for unannounced visits or ‘quick chats’ over the phone, disrupting a broker’s workflow and productivity. This could mean a longer wait time for other more patient clients. There is a level of entitlement clients have when paying for a brokers’ time and assistance, but as the market becomes more complicated, how much time can we truly offer?
To address these challenges, a proactive approach is essential. A strong administrative team or regime that proactively updates clients regarding service level agreements (SLAs) can help manage expectations effectively. By informing clients of any changes to service level agreements, brokers can maintain open lines of communication and transparency. Additionally, implementing a system that requires clients to book appointments ensures that brokers can allocate time for necessary research and tasks, providing better service overall.
The Patience Gap in a Broader Context
The shortened patience phenomenon extends beyond the broker-client relationship. In various aspects of life, society as a whole is exhibiting a decline in patience. Expecting immediate responses from companies and the desire for instant gratification have become commonplace. Clients’ expectations align with this broader pattern, where waiting has become increasingly unacceptable.
While the impatience trend can be partly attributed to the younger, IT-literate clientele, it is not solely limited to them. The patience gap spans across different age groups, suggesting that individual client characteristics play a significant role. It is more about the changing societal norms and the desire for immediate results rather than a specific age-related factor.
In the ever-evolving landscape of broker-client relationships, managing client expectations and practicing elastic patience have become paramount. Recognizing the origins of shortened patience and understanding its implications allows brokers and administrators to develop effective coping strategies. By adopting proactive approaches, fostering open communication, and setting boundaries, brokers can provide quality service while navigating the demands of an impatient world.
While the challenges may seem daunting, adapting to the changing times and striking a balance between efficiency and personalized service is possible. As brokers, it is our responsibility to guide clients through the complexities of their financial endeavours, ensuring they receive the attention they deserve. Let us embrace the need for elastic patience and continue to thrive in this dynamic industry.
