Summary

In this conversation, Shruti Joshi, President and COO of Facet Wealth, discusses the transformative approach to financial planning that focuses on accessibility and member-centricity. She highlights the challenges faced by millions of Americans who lack access to quality financial services and explains how Facet Wealth’s flat fee model builds trust and encourages meaningful client relationships. The discussion also delves into the importance of customer-centric practices in business, the role of transparency in pricing, and the metrics that matter for success. In this conversation, Shruti and Gary discuss the importance of metrics in customer experience, emphasizing retention and feedback mechanisms. Shruti highlights common mistakes companies make when trying to be customer-centric and the significance of understanding customer needs deeply. The discussion also covers the connection between employee and customer experiences, the evaluation of subscription models in financial services, and valuable lessons learned from career experiences.

Takeaways

•  Money is a leading cause of stress in America.

•  50 to 70 million Americans lack access to quality financial planning.

•  Facet Wealth offers a transparent flat fee model for financial planning.

•  The traditional AUM model excludes many potential clients.

•  Financial planning should address all aspects of a person’s life, not just retirement.

•  Building trust starts with transparency in pricing and services.

•  Customer-centric companies prioritize hiring individuals with a customer-first mentality.

•  Processes should involve customer feedback in problem-solving.

•  Metrics should balance revenue and customer retention. 

•  Retention is a key metric in subscription models.

•  Subscription models should focus on holistic value, not just investments.

•  Mistakes often stem from not knowing the true customer problem.

•  Choosing the right challenges to tackle is important for growth.

Chapters

01:05 Introduction 

02:27 The Need for Accessible Financial Planning

07:03 Building Trust Through a Flat Fee Model

08:16 The Impact of Pricing on Client Behavior

10:40 Defining Customer-Centricity in Business

14:59 Leading Change in Customer Experience

19:04 Making Decisions with Member Trust in Mind

22:03 Understanding Metrics in Customer Experience

24:33 Common Mistakes in Customer-Centric Approaches

27:32 Connecting Employee and Customer Experiences

31:19 “Does it Hold Water?”

35:18 Chip Shots 

📚 Book Recommendations:

Shruti’s Pick:

·       Catchter in the Rye by J.D. Salinger

🔗 Connect with Shruti:

·       LinkedIn:        https://www.linkedin.com/in/shruti-joshi1/

·       Website:        http://www.facet.com/

🔗 Connect with Gary Marra:

·       LinkedIn:                    https://www.linkedin.com/in/gary-marra/

·       Marra CX Hub:         https://marracxhub.com/

·       YouTube:                   YCYS YouTube Page

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