A client onboarding checklist: how do you onboard new clients?

Summary

What is client onboarding?

Client onboarding is all about making new clients feel welcome and ensuring they’re set up for success with your financial advisory services. 

It’s more than just paperwork and formalities; it’s your chance to start building a relationship, set expectations, and show clients exactly how you can help them reach their financial goals.

Why is client onboarding important?

Getting onboarding new clients right is key to establishing a strong, long-lasting relationship. The way you introduce clients to your services can make a huge difference in how they perceive your value and how engaged they’ll be moving forward.

Increases client loyalty

When clients feel supported and valued from the start, they’re more likely to stick around. Effective onboarding shows clients that you’re invested in their financial well-being, which builds trust and loyalty. A great first experience often leads to a deeper, more committed relationship over time.

Positive first impression

You only get one chance to make a first impression, and onboarding is where you can really shine. By communicating clearly, setting expectations, and addressing any concerns right away, you help clients feel confident in their decision to work with you. A smooth, welcoming client onboarding process reassures them that they’re in good hands.

Company reputation

How you manage client onboarding reflects your firm’s professionalism. When done well, it benefits the client and enhances your reputation. Satisfied clients are more likely to spread the word, leading to referrals and a stronger standing in the financial advisory community.

Reduce strain on support resources

A clear, thorough client onboarding process helps clients understand how things work, reducing the chances of confusion or frustration later on. When clients know what to expect and how to interact with your services, they’re less likely to need extra support, freeing up your team to focus on delivering excellent service.

What are the different onboarding strategies?

There’s no one-size-fits-all approach to the client onboarding process. Different clients have different needs, so it’s important to choose a strategy that works best for each situation.

1-2-1 onboarding

1-2-1 onboarding is a personalized, one-on-one process where you guide the client through each step. This approach is ideal for clients with complex financial needs or those who prefer a more hands-on experience. It allows you to tailor your advice and build a deeper understanding of the client’s goals.

Group onboarding

Group onboarding is an efficient way to introduce multiple clients to your services simultaneously. This client onboarding strategy works well for clients with similar needs or for those at the same stage in their financial journey. While it’s less personalized, it’s a great way to share general information and establish a baseline understanding.

Self-service onboarding

Self-service onboarding lets clients take the lead by using online resources or guided tools at their own pace. This approach is best suited for tech-savvy clients or those with straightforward financial needs. While it requires less direct involvement from you, it’s important to make sure the self-service tools are user-friendly and provide all the necessary information.

Hybrid onboarding

Hybrid onboarding combines virtual and in-person elements. For instance, you might start with virtual meetings to cover general information and handle routine tasks. Then, schedule in-person sessions for more detailed discussions and relationship-building. This approach provides the convenience of online tools with the personal touch of face-to-face interactions, making it ideal for clients who appreciate both flexibility and personal engagement.

Steps to creating an effective client onboarding process

Onboarding clients successfully means being organized and client-focused. Each step in the client onboarding process should be intentional and designed to add value.

1) Assign and introduce the point of contact

The first point on a client onboarding checklist should be to assign a dedicated point of contact. This person will guide the client through the onboarding process and be their go-to for any questions. Introducing this contact early on helps build trust and makes the client feel supported from day one.

2) Schedule a kick-off meeting

A kick-off meeting is where you and the client get on the same page. It’s your chance to discuss their financial goals, expectations, and how your services will help them achieve those goals. This meeting sets the tone for your working relationship and ensures that everyone is aligned.

3) Set expectations & goals

During the client onboarding process, it’s important to clearly outline what the client can expect from your services. This includes discussing service level agreements, scheduling regular follow-ups, and defining specific financial goals. Setting clear expectations helps to avoid misunderstandings and ensures that both you and the client are aligned in terms of objectives and timelines.

4) Establish preferences

Establishing preferences goes beyond just communication methods, such as how they would like to be contacted or which platforms they are comfortable using. It involves understanding how clients like to receive updates, their preferred frequency for meetings, and any specific needs or requirements they might have. By getting a clear picture of these preferences, you can tailor your client onboarding process to fit their style, making the entire process more efficient and enjoyable for them.

5) Creating a reporting system

A good reporting system keeps both you and your client informed about progress. This involves setting up regular updates, sharing performance metrics, and providing insights into the client’s financial status. An effective reporting system not only keeps the client in the loop but also builds transparency and trust.

6) Always be ready to adapt

The client onboarding process should be flexible enough to adapt to any changes in the client’s circumstances or needs. Being ready to adjust your approach, whether it’s modifying the communication method or updating financial goals, is vital in maintaining a strong, ongoing relationship. This adaptability ensures that your services remain relevant and valuable to the client, no matter how their situation evolves.

Want to work with Unbiased?

Creating an effective client onboarding experience sets the stage for a successful relationship. By understanding your client’s needs, setting clear expectations, and adapting your approach, you build trust and streamline your interactions. Knowing how to effectively onboard new clients means tailoring your strategy to their preferences and providing a seamless experience, which ensures their satisfaction and long-term commitment.

Let Unbiased Pro help you grow your firm by sending new clients straight to your inbox.