Absolute Engagement with Julie Littlechild | E294
Measuring client engagement.
In this episode of the Fintech Impact podcast, host Jason interviews Julie Littlechild, the founder and CEO of Absolute Engagement. Julie is a renowned speaker and expert in client engagement within the financial advisory sector. She has recently launched the Absolute Engagement Engine, which brings her ideas on client engagement to life.
Episode Highlights
00:58: Absolute Engine is designed to help financial advisors connect more deeply with their prospects and clients efficiently and consistently.
01:23: Julie discusses her extensive background in the advisory industry, spanning over 25 years. Throughout her career, she has been dedicated to helping advisors provide a better experience for their prospects and clients.
02:35: The development of the Absolute Engagement Engine was prompted by their own research, conducted annually with investors, says Julie.
03:26: Jason summarizes that Julie's approach goes beyond simply telling people what to do and emphasizes the importance of taking action. The engine is designed to increase the probability of advisors implementing the insights and strategies developed over the years.
04:21: From the client's perspective, they are asked to provide 2 to 3 minutes of input specific to their stage in the advisory journey, focusing on their thoughts and feelings at that moment, says Julie.
06:31: Many advisors have recognized the importance of aspects such as Confidence, Concerns, Outlook, and Preferences; structuring the conversation in the format of a questionnaire can be a challenge, says Julie.
07:21: Julie shares an interesting nuance about two firms that have been part of their journey from the start as beta and pilot clients. These firms are already highly skilled at connecting with clients, raising the question of why they would need the Absolute Engagement Engine.
09:07: While caring is often emphasized as a crucial aspect of advisory relationships, it needs to be evident not just in words but also in actions and interactions with clients, says Julie.
10:04: Julie explains that opportunities to uncover engagement and growth emerge for several reasons. These opportunities can arise based on how a client presents themselves at a given point in time, such as their confidence level during a review or introductory meeting.
11:57: Jason talks about advisory actions and how the insights from the Absolute Engagement Engine are received.
14:00: Julie highlights a common problem where advisors may ask general questions like, "How are you feeling?" or "Is there anything on your mind?" but clients often struggle to respond effectively.
15:02: Jason emphasizes the importance of delving deeper to understand clients better, considering that many clients haven't thought deeply about their goals.
16:44: Julie explains that their focus is on creating a leading indicator of future issues rather than identifying clients who are already on their way out.
19:13: Jason highlights the common issue in the industry where discussions often devolve into fee arguments because clients may not fully understand the value of the services provided.
20:02: Jason highlights the importance of soft skills in addition to using technology. While the platform can detect sentiments and uncover issues, it's crucial for advisors to have the skills to navigate and address those sentiments effectively.
22:58: While addressing emotional and behavioral aspects may be challenging, it is an integral part of financial planning and often leads back to practical planning and action, says Julie.
24:40: Jason and Julie discuss the motivation behind developing their platform and the goals they hoped to achieve.
26:22: Julie discusses the biggest challenge in developing the platform, highlighting the difficulties associated with pivoting from a professional services firm to a fintech company.
29:26: Jason and Julie emphasized the value of asking meaningful questions and co-creating value with clients.
3 Key Points
Jason underscores the importance of demonstrating the softer, more human aspects of care and concern in financial advisory interactions.
Julie and Jason discuss the exciting possibilities with the data generated by the Absolute Engagement Engine.
Julie and Jason discuss various aspects of the financial advisory industry, particularly focusing on a platform designed to help financial advisors understand and improve client sentiment.
Tweetable Quotes
“Capturing the fluid and evolving sentiments of clients, which can vary between couples and change over time, posed a significant challenge.” – Julie
“Absolute Engagement Engine provides a structured way to address important topics such as Confidence, Concerns, Outlook and Preferences.” – Julie
“AI automates more routine tasks; the focus should shift towards the psychological aspects of financial planning.” – Jason
“Using technology is just one part of the equation, and advisors need to develop the soft skills and knowledge to have deeper, more effective conversations with clients when using the platform's insights.” – Julie
“The platform not only provides efficiency for advisors but also delivers real value by helping clients navigate their financial journeys more effectively.” – Julie
Resources Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor