Collectively, Paperclip clients operating in financial services combine to create one of our most important sectors. Significant client groupings in this sector include Independent Financial Advisers (IFA), Wills and Probate, Mortgage and Equity Release Advisers, Accountancy Practices, Insurance and Pensions.
This article identifies the key factors that have led to so many financial services businesses becoming Paperclip clients.
Money, particularly when it is our own personal wealth, is a very emotive, and typically private, subject. Consequently, the bedrock of any client-adviser relationship in the financial sector is trust:
‘Trust takes years to build, seconds to break, and forever to repair.’
Amy Rees Anderson – Entrepreneur, Angel Investor and Philanthropist
A key element of trust is professional and open communication. From the moment a Paperclip team member answers a call on behalf of a financial adviser, we are effectively their representative in the eyes of the caller. Answering a call quickly is a good starting point for building trust and integrity, reinforced by handling the call politely and professionally.
Natural conversations that respond to the ebb and flow of a caller’s needs are fundamental to building trust. Because of this, at Paperclip, we don’t use scripts. We focus on achieving the client’s desired outcomes rather than following a prescribed conversational pathway.
Critical life moments
It may be an over-simplification, but we tend to engage with different aspects of financial services at different times in our lives. When we are younger and buying our first property we need mortgage advice; when we marry and have children we may consider making a will; as we progress through life and build equity we seek out an IFA or pensions adviser; if we are looking to enjoy life more after retirement, we may consider the possibility of equity release.
More often than not, as outlined above, decisions to seek financial advice are prompted by critical life moments: buying or selling a house, marriage, retirement, divorce, the death of a loved one. Consequently, a proportion of the calls answered by the Paperclip team on behalf of a financial advisor could involve the caller being upset, emotive, confused or angry.
Paperclip team members receive training in dealing with challenging calls, including training modules relating to depression and dementia. The key is to pick up on the signals provided by the caller through the language they use, tone of voice, silences and so on. Patience, reassurance and paraphrasing what the caller has said to ensure accuracy are all key skills.
Confidentiality
Confidentiality, including compliance with GDPR, is a fundamental element of the client-adviser relationship. All Paperclip team members sign confidentiality agreements when they join the company, and the confidentiality message is continuously reinforced through training and daily briefings.
Distinction and individuality
In Paperclip’s experience, every financial adviser operates in a slightly different way from their peers: different priorities, different processes, different management software, different personalities.
Paperclip responds to these differences by providing call answering and admin support services that are tailored to the specific requirements of each client. For example, for some clients we answer all calls (full divert), for others only those calls that remain unanswered after an agreed period of time, such as ten seconds (delayed divert). Some clients purely want us to take a message or forward a call, others like us to update their CRM/management systems whilst we are on a call, capture client data, take payments, manage diaries, make outbound calls and more.
In fact, as a financial adviser starts to trust in the professionalism of the Paperclip team, the scope of services we provide for them tends to broaden considerably.
Quality
The following is a testimonial from Simon Chalk, Founder and Managing Director of Laterliving now! Simon is a multi award-winning adviser specialising in the field of equity release, also referred to as lifetime mortgages.
Paperclip has worked for Simon and his team for almost a decade as Laterliving now! and, as Simon says in his testimonial, we have played a part in their growth and success:
“Paperclip is undoubtedly our ‘front of house’ for clients and professional contacts calling Laterliving now! Anyone in business will tell you how critical it is for that first impression to be a good one. It is better than good in our experience. It is fantastic, with calls answered in seconds; always politely, professionally and welcoming.
As a leading specialist in Equity Release (often to pay for care for elderly people), it is vital to us that when family members call us, they will be treated with kindness and understanding, at what can be a very distressing time for them.
The lovely team at Paperclip put callers at ease, accurately note their details, and promptly pass on to us to take it from there.
We could not manage nearly as well without their support, for which we are immensely grateful.”
Next Steps
If your business offers financial services in some shape or form, and you are struggling to answer calls promptly and effectively, then maybe it’s time to talk to Paperclip.
To arrange a face-to-face or Teams meeting in which you can explain your challenges and objective, as well as asking questions about call answering services, call me on 01246 418 181 or email me at louise@paperclip.co.uk.
I look forward to talking to you.
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Hi, I’m Louise Bellwood, Director at Paperclip. I am responsible for delivering Paperclip’s customer service and growth strategies for 2024 and beyond, I am a crusader for the benefits call answering can deliver for organisations of all kinds; customer service, sales generation, customer retention and more. If you have a question about call answering – pricing, set-up, benefits – I would love to hear from you at louise@paperclip.co.uk or 01246 418 181.