- No (64%)
- Not sure (22%)
- Yes (14%)
Our latest poll is based around recent findings released by Business Health, which reveal only a minority of advice businesses seek client satisfaction feedback (see: Most Advice Businesses Failing to Seek Client Satisfaction Levels).
Assessed by Business Health as “…a somewhat misguided approach” in today’s consumer culture, the failure of so many advice businesses to seek client satisfaction feedback stands in stark contrast to service providers in other industries.
These other service providers perhaps go too far the other way, in seeking feedback every time their customers visit a website to book a restaurant meal or accommodation, or following a banking transaction, theatre booking, completed car service, conference event, use of thousands of app services or a myriad of other daily customer experience events.
Perhaps there exists a middle ground, where more advice businesses should potentially act to seek feedback from their clients, but maybe not with the regularity and in the volumes sought by these other service industries.
However, you may have a different view. For example, does your regular contact with your clients obviate the need to conduct client surveys?
As always, we welcome your thoughts on Business Health’s finding which, at least on the surface, appears to represent an unrealised opportunity for many advice businesses to learn more about themselves and to use the feedback to build a better advice and service proposition.
Tell us what you think and we’ll report back next week…
In the Risk space, clients tend to focus on what they are being charged each year once their Insurances have been set up.
Clients are happy with a once a year review and knowing that their Adviser is there to take their calls if they have any questions.
Making 10 contacts a year, is not seen as a add-on service for Insurance clients, as it is for Investment clients, due to the different feelings for and interpretation of the service and products being provided.
Clients want to make more money from their Investments so they can achieve their financial dream of a future with enough cash to do what they want without financial stress and are more open to extra contact from their Adviser
Clients however, do not fantasise about how good their Insurance policy is, apart from fantasising about paying alot less for their cover.
The end result of a client survey for the vast majority of Risk only advisers in the current environment, will be an explosion of disgruntled clients about their premium hikes and a reminder for them to look at either cancelling their covers, or a request for even more work for the Adviser to do, when clearly, time is a commodity most Advisers have little of, due to FASEA, the LIF fiasco and the Insurers continuous inclination to increase premiums at an alarming rate, which at renewal time, creates a huge workload trying to save what the clients have.
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