The Fact:
A third of financial advisors conducted a formal client satisfaction survey over the last two years.

The Implications:
As advisors grapple with key strategic issues, including the products, services and level of contact that is appropriate for their clients, feedback becomes increasingly important. Without direct feedback from clients (through advisory groups, informal surveys or formal written surveys), advisors are forced to build businesses on a foundation of assumptions regarding their key stakeholders.

The Idea:
Conduct a formal survey of your clients every 18 to 24 months. Your survey should be a maximum of four pages and gather information on satisfaction, needs and expectations regarding both contact and education. Use the ‘needs’ category to ask your clients about their interest in a variety of products and services (such as critical illness insurance) and then use that information as the basis of a targeted client marketing campaign. Remember that cross-selling opportunities cut across client segments, so survey you entire client base rather than top clients.

The Next Step:
The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit.