Advisor Impact Inc. has launched a third-party client assessment tool that helps financial advisors maximize the value of their existing books of business and build deeper relationships with clients.

The Client Audit program provides a comprehensive client assessment, providing the process, tools and support to gauge client satisfaction, needs, interests and expectations, and identify clients who are willing to provide referrals.

The program also helps advisors identify specific consolidation and cross-selling opportunities among clients, demonstrate commitment to existing clients, build trust with centres of influence, and gather more and better information clients

“In this environment, advisors are focused on maximizing the value of their existing books of business,” said Julie Littlechild, president of Advisor Impact Inc. ” The Client Audit is a practical tool that not only provides them with a comprehensive analysis of the service they are providing, but highlights marketing and referral opportunities on a client-by-client basis. And as a third-party audit, advisors can demonstrate real commitment to their clients and gather more objective information.”

Research conducted by Advisor Impact shows that less than 30% of financial advisors survey their clients. “Most advisors agree that this is an important process but lack the time or the expertise to do it well,” according to Littlechild.

“Too often we view client surveys as having a single purpose and that is to assess client satisfaction. In fact, a good survey can uncover marketing opportunities and open doors to more referrals. It’s true that the program saves advisors time, but the real value is in the detailed report and action plans that are developed for each advisor to help them effect real change in their practice,” she added.

All client surveys are received and analysed by Advisor Impact, which acts as an objective third party in the process. A pilot program of the Client Audit, launched in fall 2001, resulted in average client response rates of more than 40%.

Advisor Impact offers ten tips for a successful client survey.

  1. Cover all the bases: satisfaction, expectations, interests and needs.
  2. Analyse results to assess performance, satisfaction gaps and marketing opportunities.
  3. Survey every 18 months with a consistent question set to track changes over time.
  4. Include a business reply envelope or stamped #9 envelope.
  5. Include a specific return deadline on your cover letter. Hold a draw for those clients who respond within that timeline.
  6. Send surveys to all clients, not just your top clients.
  7. Code surveys based on client segment to understand the expectations of different groups of clients.
  8. Send a follow-up to all clients, including those that did not return your survey.
  9. Summarize your survey results for centres of influence.
  10. Keep your survey short enough to complete in five minutes but long enough to provide meaningful information. Four pages is a good guideline.