While 51% of respondents to a new study
reported they were very satisfied with their financial advisor, 36% with $100,000 or more invested are considering moving. A quarter of them would drop their current advisor for better investment options or a higher level of service. Since most advisors have most investment options available to them, your opportunity is in elevating your service.
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This brings up the paradox of loyalty and satisfaction – that one does not reliably follow the other. It takes more than simple satisfaction to make for a committed client. One who will stay with you and provide you referrals. And referral opportunities abound – the study found that 25% of investors without a current advisor are actively looking for one and hope to secure an advisor within a year.
Of course, you probably believe you work as hard as you can to provide the highest level of service possible. Most advisors I speak to believe this. So, what can you do? Ask. Implement some form of structured feedback
process about your clients’ experience. It is possible, even likely, that your vision of the best client experience differs from your clients’.
I frequently find
that some things advisors consider important in their service offering is not considered very important by clients. And, there are other things, sometimes small things, that clients wish they got from their advisor that would significantly improve their experience.
Engage your clients in a conversation
about the service they receive, involve them in upgrading or customizing your processes, and you will solidify your relationships and attract more.