How to onboard a new client: a step-by-step guide to success

What is client onboarding?

Client onboarding is the process of welcoming new clients and getting them up to speed on how your financial advisory services work.

It's the first chance to show clients that they've made the right choice in partnering with you.

This step sets the tone for your relationship, so making a great impression is key.

A well-executed client onboarding process matters because it’s where clients form their initial impressions of your firm.

A clunky or confusing experience can lead to frustration, mistrust, and even early disengagement. 

A disorganised onboarding process, where key steps are overlooked or delayed, can lead to compliance problems, miscommunication, and missed chances to build a strong connection with your client.

On the other hand, a well-planned and thoughtful approach leaves a lasting positive impression and paves the way for a successful relationship.

According to research by Userpilot, 63% of customers think onboarding is key to deciding to subscribe to a product. This highlights how pivotal a good onboarding strategy is to help you acquire and nurture into long term clients.

That’s why it’s crucial to master the client onboarding process from day one.

What are the key steps in the client onboarding process?

Creating a solid client onboarding process involves several key steps:

1. Initial consultation

The first meeting is where everything starts. It’s your opportunity to get to know the client, understand their needs, and explore how you can help them reach their financial goals.

A positive consultation helps create a strong connection, laying the groundwork for a lasting relationship.

2. Gathering client information

After your initial meeting, it’s time to gather key details. This includes personal and financial information like goals, risk tolerance, and current financial circumstances.

The more insight you have into your client’s situation, the more customised and relevant your advice can be.

3. Setting expectations

Clearly setting expectations is crucial to the client onboarding process and building a strong relationship.

Be transparent about what the client can expect, whether it’s how frequently you’ll communicate, the services you’ll offer, or the timelines for major milestones.

This helps prevent any misunderstandings down the road.

4. Documentation and compliance

Compliance is a critical part of financial advising, and this step ensures that all required documents are signed and regulations are met.

Proper documentation is important to ensure the protection of both you and your client.

5. Communication protocols

Setting up clear communication protocols early on is key to maintaining a smooth relationship.

Agree on how often you’ll check in and the best methods for staying in touch, whether through phone calls, emails, or in-person meetings.

Establishing this upfront helps the client feel confident and supported.

6. Follow-up and feedback

After the client onboarding steps are completed, it’s important to follow up to make sure everything is on track.

Gathering feedback at this stage is valuable not only for ensuring client satisfaction but also for refining your process moving forward.

What are the best practices for client onboarding?

To ensure an effective and efficient onboarding process, here are some client onboarding best practices:

1. Personalise the onboarding experience

Every client is different, so tailor your approach. Use the information gathered to provide a personalised experience, which helps the client feel seen and understood.

2. Set clear goals and timelines

Clear goals are essential. Outline the next steps so that clients know exactly what to expect and when.

3. Keep communication transparent and regular

Regular communication is crucial to keep clients informed and reassured.

Never leave them guessing about what comes next.

4. Use automation tools to streamline processes

Leverage technology to make your client onboarding process smoother.

Automating routine tasks like meeting scheduling or document sharing lets you focus on building stronger relationships.

5. Gather feedback to improve future onboarding

Don’t forget to ask for feedback! Your clients can provide valuable insights that help you improve your onboarding process and deliver an even better experience.

What should be included in a client onboarding checklist?

A solid client onboarding checklist ensures that nothing slips through the cracks.

Here’s what to include:

• Initial client meeting scheduled
• Key client data collected (goals, financial info, risk tolerance)
• Documents signed and compliance met
• Next steps and timeline communicated
• Introduction to key team members
• Communication preferences established
• CRM system updated
• Follow-up meeting scheduled
• Welcome materials sent to the client
• Client feedback request sent

What common challenges are faced in client onboarding, and how can they be overcome?

No matter how well-structured your client onboarding process is, challenges are bound to arise.

Here are some common issues advisers face and how to tackle them:

Time-consuming paperwork

Compliance and documentation are often tedious and can lead to delays. The solution? Automate where possible.

Many firms now use electronic signatures and digital document submission to speed things up.

Automation tools can drastically reduce the time spent on paperwork, freeing you to focus on the client.

Unclear expectations

When clients don’t understand what’s happening or what they need to do next, confusion follows.

Prevent this by setting clear expectations from the start. Discuss timelines, deliverables, and communication protocols in detail during your initial meetings to eliminate ambiguity.

Lack of communication

Communication breakdowns can erode trust. Avoid this pitfall by being proactive.

Regular updates—whether through emails, phone calls, or meetings—keep the client informed and reassured.

Always have a plan in place for how you will stay in touch.

Want to work with Unbiased?

A smooth client onboarding process isn’t just a formality; it’s a crucial step in building trust and ensuring a strong start to your client relationships.

By following client onboarding best practices, you’ll help clients feel supported from day one. 

Whether it’s using a client onboarding checklist or addressing common challenges, being proactive ensures the process stays efficient and hassle-free.

Mastering the client onboarding process means you’re setting the foundation for long-lasting, successful partnerships.

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