Once you have received the results of your client survey, your next step is to develop an action plan do deal with any at-risk client revealed by the research, says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto.
“Knowing what is wrong is important,” Ferguson says. “But advisors need to have a really good plan on how to follow up after their survey.”
Ferguson offers the following advice to help you devise a plan to prevent client defections:
> Be proactive
Whether you conduct the research yourself or hire an outside firm, there is no point in conducting a client survey if you are not going to act on its findings.
Too many advisors, Ferguson says, compile or receive a hefty report detailing how they can improve their business, but simply “put it on a shelf to collect dust.”
Acting on your research will help you retain and attract clients.
> Set deadlines
Your action plan must include deadlines for improving certain elements of your service offering, Ferguson says.
Once you have consulted your client feedback and identified what elements of your practice need to change, discuss with your team members how long it will take to implement these changes — and stick to your deadlines.
Avoid making unrealistic promises to your clients about whirlwind changes. Instead, show your clients that you have listened to their concerns and are willing to make certain adjustments based on their feedback.
> Isolate individual cases
If your survey results reveal any at-risk clients, contact each of them — by letter or email — to describe changes you plan to make to your processes or services in response to their concerns.
Consider extending an invitation to these clients for a friendly face-to-face meeting.
Clients generally appreciate follow-up gestures, Ferguson says, so it is worthwhile to take some extra time with clients on your at-risk list and explain the changes you are planning. You can also find out whether these changes will meet these clients’ expectations.
The approach you take in these meetings, Ferguson says, will depend on your personal style.
You might choose to take a direct approach, asking at-risk clients whether the changes you have put forward will prevent them from looking for a new advisor.
Or, you might say, for example: “Here is what my team and I are thinking about doing. Does this fit your needs? What can we do better?”
> Make notations
If your client indicates a willingness to remain with you, be sure to include a notation in your database indicating that this client was once on your at-risk list.
Ferguson recommends that you develop a code that is understood by all members of your team, so anyone can quickly identify former at-risk clients.