Beyond Client Satisfaction and Retention Rates: 3 Ways Advisors Can Leverage Surveys to Optimize Their Businesses

Advisors: If you’re only using client surveys to measure satisfaction and retention, you’re missing powerful opportunities to unlock insights that could transform your firm.

For financial advisors, client surveys can do more than simply measure satisfaction. Find out three ways to use surveys to optimize your firm.

Q&A: Questions Clients Wish Their Financial Advisors Would Ask

The first rule of financial planning is to understand your client’s personal and financial circumstances. This goes past looking over financial statements or cursory questions about investments. At a minimum, you must identify a client’s must-haves and want-to-haves, their financial goals and dreams, and the path they want to take to get there.

Clients want their financial advisors to understand what drives their desire to maximize wealth. They’re searching for a better experience and deeper relationship with an advisor who takes the time to listen.

NEXA Insights shows advisors what clients are thinking. Our software helps advisors collect data to understand their operations' strengths and weaknesses. Ultimately, advisors who select the right questions, ask them in the right order and then review the answers will be able to implement an effective client-centered financial strategy that will yield a deeper, more satisfying relationship with their clients.

Client Disconnect? Surveys Bridge the Gap to Deeper Relationships

Demand for personalized financial advisory services is on the rise, as clients are more knowledgeable about the process and potential outcomes of their investment. Advisors have to compete to provide the best possible experience for their clients while keeping them engaged in the process. Asking clients their goals is the best way to define what value wealth management has for them. Succinctly asking the right questions will elicit a road map to a better advisor-client relationship. The better the question, the better the answer, the better the outcome.

Surveys can be designed with a broad range of questions or be laser focused on a specific topic, can be fine-tuned to fit any client and can be repeated in a variety of iterations as needed. Clients expect high tech, but they desire high touch.

NEXA Insights can help elevate the advisor-client relationship to the next level by using insightful, probing questions to determine what a client needs to have a trusting relationship with their advisor.

Collecting Testimonials

Until recently, the SEC had prohibited advisors from using client testimonials in their marketing. Collecting testimonials can be an awkward exchange between you and a client. Solicitation of these testimonials through email is time consuming and requires you to acknowledge the receipt of a testimonial that may not be entirely positive or lacks the content and target you were looking for. Many advisors have chosen to have NEXA Insights collect these testimonials as a component of their standard client feedback process.

Learn more about how testimonials are being leveraged within the industry.