Frequently, advisors carry out reviews for their clients to identify their goals and guide them with their investment decisions. However, it is advisable that IFAs should carry out a survey seeking feedback as well.
Such surveys seeking feedback are favourable for advisors as they give you a thorough insight of your performance from your client perspective. The information you get in return will help make your business stronger and well positioned for growth. For instance, through the survey, you will get to know your weak areas that you could improve on.
Some of the industry’s top advisors regularly conduct such surveys with their clients. Here are a few areas they concentrate on in the assessment test or survey.
Your USP according to your client
IFAs should make it a point to get an honest feedback of their services from their clients. Also, an advisor should ask his clients why they are drawn to him and what differentiates him or her from others. It is less significant what you and your team think your value is. The thing that matters is what your clients’ value about their relationship with you. Here are a couple of sample questions you can ask your clients:
- What do you think is my greatest strength?
- If a friend or family member asked you about me, how would you describe what I do for you?
- If they asked you why you chose me to manage your family wealth, what reasons would you cite?
Best communication plans
Very often, IFAs make assumptions about how and when clients want to receive communications without asking clients for their say. Some clients want to speak to their financial advisor quarterly and meet semi-annually while the others may want to speak monthly and meet quarterly. Tailoring a communication plan to fit each client’s unique needs allows you to customize their experience with you. Here are some questions you can ask while surveying your clients.
- Do I communicate with you enough, too much or too little?
- Do you prefer phone calls or e-mails?
- Are there particular hours of the day that are best for you to receive calls from me and my team?
Areas of improvement
How do you know if you are doing a good job or not if you do not ask the questions? Many advisors assume that they are doing a good job because they have managed to retain their existing clients. However, IFAs should constantly ask for business improvement suggestions from their clients to upgrade their service. Here are some questions you can ask your clients.
- What are the three things we could do that will help to improve our relationship with you?
- On a scale of 1-5 (5 being the best), rate my services on:
- Responsiveness
- Ability to address your inquiries and issues
- Courtesy
You can include other parameters that you think is appropriate.
