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In June 2024, the tru Advisor Experience team conducted a survey with our advisors that participated in that month's "tru Community Call," where we bring our partner firms together virtually to talk about topics that are top of mind.
In our rendition that month, the focus was Sales and Marketing Strategy. It was a great call where we shared the results from our internal survey, compared to industry surveys, reviewed whitepapers, and discussed general growth themes in the marketplace.
Amongst many great anecdotes... one particular result stood out in the survey: 0% of respondents said that they conduct client surveys.
To be clear... there are numerous ways to sense how your clients feel about your firm. The consensus in tru's June call was that we are doing it in other ways. Chances are you think you do it in your client reviews. But is the feedback documented? Are the questions consistent client-to-client? Is it organized and filed away to be reviewed later? Let me guess: No.
As new businesses mature and scale, oftentimes the most successful implement structure and process to ensure consistency and a positive client experience. As an independent advisor, you are no different. How do you really know that you are delivering and what data drives the enhancements to your client experience, your services and product innovation? Would you make important business decisions based solely on "feel"?
The answer can be through a Client Survey. Doing so at different stages of your client's lifecycle are optimal ways to collect real-time feedback and allows you to make data-driven decisions on how to tailor services to your ideal clients.
Don't just take it from us: according to Schwab's 2024 RIA Benchmarking Study, "Firms that collect feedback during interviews with clients gained 26% more assets from existing clients in 2023."
So here are a few helpful tips for conducting client survey's effectively:
- Be intentional with the when: conduct surveys at key points in the client relationship, such as after onboarding, as part of your client review process, or after significant interactions.
- Mix of Question Types: combine multiple-choice, rating scales (e.g., 1-10), and open-ended questions. This keeps respondents engaged and allows for more personalized feedback.
- Thank Respondents: always thank clients for their participation, and consider a follow-up to those who provided particularly valuable insights.
- Shares Results and Implementation Timeline: consider creating a summary of the results alongside how you are implementing client feedback to improve their experience. This will encourage participation as clients see you take real action.
- Use Online Tools: for ease of execution and to automate data collection.
- Mobile Friendly: meet clients where they are.
- Provide an Anonymity Option: can lead to more honest and candid responses.
For sample questions, the good people at Fidelity were kind enough to share a few with us, which you can download here: Sample Survey Questions.
At the end of the day, people will take the time to submit a review for a service that they appreciate and for people that they have a deep connection with. Especially right after the service was completed and they walk away satisfied.
Ask yourself this... do I need a strategy for collecting client feedback? If the answer is not no, contact us here.