Eureka! I finally found it! What am I talking about? Ideal client service. Advisors work hard to achieve ideal client service model. I’ve talked with with many financial advisors about this and I’m always impressed by their high commitment to clients. Frequently, I coach them around increasing client satisfaction. Usually during this discussion I ask the advisor a simple but telling question: “How often do you ask your clients what they want for client service?” The answer has always been “I don’t”. Well, I finally found one that said “I do!” This advisor always asks the client what they like and what they want from the advisor. Sounds so simple, yet it seems surprisingly rare. I would love to hear from advisors who do this routinely (send me your comments!)
There are many reasons why people may not make this a regular practice including fear of extra demands or unpleasant feedback. Those are legitimate concerns that have to be addressed head-on (that’s a topic for a longer discussion). Also, sometimes we just make things harder than they need to be (I am guilty of that too). The truth is learning what clients want can be as simple as asking!
Fact of the day:
Customer service surveys show that true client loyalty is much lower than most providers think. Often satisfaction levels are shaped in a bell curve. There are a few dissatisfied clients at the low end, a large group in the middle who think the provider is “OK” and only a few who are truly loyal and highly satisfied.
Tip of the day:
The last few years of market upset is like earthquake. Only those clients who are truly bonded will stick with you. Anybody with a tenuous connection may be dangling by a thread. Now is the time to make sure your clients are truly satisfied and there is a very simple way to start – Just Ask!
Discussion Question:
Send along your input – What have you done that has worked? How many ASK their clients what they want?
