A recent JD Powers Investor Satisfaction Survey shows revealing data:
Good News:
Investors in 2010 were more satisfied overall than 2009.
Bad News:
BUT…Investor opinions of financial services firms were actually worse!
Huh? Investors are more satisfied but “hate” their providers even more than they did in 2009, what’s up?
Satisfaction improved in part because of market improvements. The other key factor in improved satisfaction was the advisor relationship. The survey published these key findings:
Investor Distrust Even Higher:
“An increasing proportion of investors in 2010 believe investment firms are driven by profits, rather than focused on customers.”
Relationship Skills More Imperative:
“Expectations and the importance of the advisor relationship continue to increase”
Advisors have to overcome market worries AND any distrust of the company. Ouch!
The silver lining is opportunity to build strong loyalty to you. Consider this and remember that relationship & trust are more important to everyone, not just women:
Fact: Women are loyal to people (not organizations).
Opportunity: You can create the tie with you.
Fact: Women are trust focused (not product/platform focused).
Opportunity: You can build strong trust in you.
Fact: Women pay attention to friends first (advertising is far less effective).
Opportunity: What they say to their friends about you is far more powerful than “the company”.
Action: Put your efforts in refining client relationships skills and building powerful bonds. It’s all about the relationship now more than ever!
Story of the Day:
Recently, I was fortunate enough to have guest speakers for a presentation on building strong relationships with female clients. Thank you to Robert, Elizabeth and Karen and my friend Lyra, all of Lincoln Financial Advisors, who were so instrumental in the series.
The advisors shared their success with women clients and offered practical advice. Moving beyond the “traditional” was reinforced repeatedly. Not one does the “usual”. The outcome is strongly loyal clients and lots of referrals.
