Are your clients truly satisfied with the service you’re providing? If you don’t know the answer — or worse, if it’s negative — you could be in for a rude awakening.
“Client satisfaction is critical because of today’s highly competitive environment,” says Rosemary Smyth, a Victoria-based business coach for financial advisors. “Your clients are evaluating you and, with CRM 2, they want to know what they’re getting for the fees they pay.
“At the same time,” Smyth adds, “other advisors are probably courting your clients, especially those who are high net-worth. So it’s essential to ensure that they’re happy with the service you provide.”
Here are some steps you can take to help you ensure your clients are satisfied:
> Take care of (core) business
Great service is something you must get right if you want satisfied clients, says Julie Littlechild, president and founder of Advisor Impact Inc. in Toronto
You need a strong service agreement to make clients aware of the services they’re receiving and the value you provide, Littlechild says.
Your service agreement “should define the scope of your service, the frequency of direct contact and, potentially and the degree to which educational communications or activities will be employed,” she says.
> Communicate
Just as important as crafting a service agreement or service delivery plan is communicating it to your clients, Littlechild says. Without communication, your clients may not understand the value of services they are receiving.
> Personalize the experience
Get to know each of your clients individually and identify their preferences and priorities, says Bob Simpson, president of Synchronicity Performance Consultants in
Mississauga, Ont.
“Satisfaction depends on the advisor’s ability to identify the client’s key issues and create a process that puts them on the path to achieving their goals,” he says.
Start with a preferences-and-priorities meeting, says Simpson: “Ask how often the client wants to meet. What day? For how long? In person or over the phone? Do they prefer detailed reports or executive summaries?”
Once you have created a program designed to meet that client’s needs, give it to him or her in writing.
> Dig Deep
The “magic” in client/advisor relationships happens in review meetings, Littlechild says.
“The advisor should ask, ‘What has happened in your life since we last met?’ ‘What worries and excites you right now?’
“That leads to a richer understanding of the client’s needs and shows that you care about what’s important to them — their goals, concerns and dreams — and not just their money,” she adds. “If you focus exclusively on portfolio performance you miss that.”
> Show Leadership
There’s evidence that when clients are engaged, they see their advisor as a leader, Littlechild says. She defines a leader as someone who is “proactive, provides guidance and helps the client through the ‘tough’ conversations.”
“A leader takes the client by the hand,” she adds “rather than pushing them from behind.”
> Measure Satisfaction
Assess each client’s level of satisfaction by having an annual meeting with them, Simpson says.
“Look at their program and the progress they’ve made,” he says, “and discuss their level of satisfaction with your performance. If necessary, reset their program based on that discussion.”