\u201cThe answers we get when we ask advisers why they haven\u2019t surveyed their clients are usually: ‘I already know what they think’, \u2018Now\u2019s not a good time\u2019, \u2018I\u2019m not ready\u2019, \u2018My database isn\u2019t ready\u2019,\u201d said Mr Bell.<\/p>\n
… those who do survey their clients make significantly more money<\/h6>\n
\u201cThe reason why that\u2019s frustrating is that those who do survey their clients make significantly more money. Because as soon as you start talking to clients, they start to tell you things. And then if you listen to what they tell you, you might make a change in your business, and improve it.\u201d<\/p>\n
According to Business Health\u2019s study, practices that formally ask for feedback are 73% more profitable than those that do not. \u201cAlso, by seeking client feedback, and acting upon it, advisers strengthen their relationships with their clients,\u201d Mr Bell said.<\/p>\n
\u201cThe irony is that when advisers do decide to do survey clients, the response rate is on average nearly 40%. Clients want to provide their feedback. They love to be asked. So there\u2019s actually no downside to doing it.<\/p>\n
“Seeking feedback now is an excellent way to gauge your readiness for FoFA,\u201d he added.<\/p>\n
The reduction in the rate of businesses conducting regular client surveys is one of a number of \u2018best practice\u2019 processes that Mr Bell said had fallen by the wayside in the wake of what he termed a \u2018perfect storm\u2019.<\/p>\n
\u201cThe prolonged effects of the Global Financial Crisis along with the uncertainty and confusion associated with the passage of the Future of Financial Advice (FoFA) reforms, further industry rationalisation and the continued aging of the adviser demographic has created almost the \u2018perfect storm\u2019 for the adviser.<\/p>\n
\u201cAnd although most principals (anecdotally at least) continue to acknowledge the importance of addressing the gaps in their operating models, it seems that their time, effort and money have been invested elsewhere over the past few years. And while understandable in one respect, it is difficult to ignore the fact that these gaps do exist and as such, they weaken the practice overall.”<\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Less than one in five advice businesses regularly survey their clients, according to Business Health, which has also issued a warning about the rise of \u2018non-best practices\u2019.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-20919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/20919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=20919"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/20919\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=20919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=20919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=20919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2013\/05\/BH-Graph.jpg\")
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