Is your “spidey sense” is telling you that you might have clients who are unsatisfied with your current level of service? If so, compile an “at risk list,” says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto, to help you diagnose any problems and prevent defections.
“Advisors and their teams need to listen to what their clients are saying,” Ferguson says. “If clients are upset, then they are at risk.”
An at-risk list identifies the clients who are showing signs of dissatisfaction and may be at risk of leaving your practice. You and your staff can then determine what has to be done to retain these clients before they leave.
Ferguson offers some steps you can take toward strengthening your client base through the creation of an at-risk list:
> Involve all team members
Each team member has a role to play in compiling your at-risk list, Ferguson says.
Each member should look at your roster of client households and report which clients they consider at risk of leaving. If multiple team members express concerns about the same client, then that client is a likely candidate to be added to your list for follow-up.
> Survey your clients
You should be conducting client surveys on a semi-regular basis as a part of your business, Ferguson says. They are effective in bringing forward any ill feelings among your clients.
Whether your survey is a written questionnaire or a series of questions you ask during client meetings, a survey can tell you how clients feel about the products and services they receive from you.
For more on how to develop an effective client survey, visit: http://www.investmentexecutive.com/-/get-better-client-feedback
> Analyze your feedback
Interpret your clients’ answers to help you identify ways to improve your service offering.
“Asking your clients their opinion is really important,” Ferguson says. “You might be surprised with what you find.”
For example, while you might believe that your clients want to deal in mutual funds and fixed-income products, a client survey might tell you that thy are interested in exempt-market products.
On the other hand, you might find that you are hitting the mark with most of your clients, but a few are dissatisfied with the service you provide. These clients may be candidates for your at-risk list.
Says Ferguson: “That’s one way to help you diagnose what is going wrong.”
This is the first instalment in a two-part series on developing an “at risk list” to help you retain clients.
Tomorrow: Creating an action plan.