The demand for wealth management and personalized services is at an all-time high. Clients armed with greater knowledge about investing expect exceptional experiences. To stay competitive, advisors must not only provide top-notch service but also keep clients engaged and truly understand their needs.

While generic assessments can offer a basic understanding, the most effective approach is to ask clients directly. Here’s where client surveys become a powerful tool. These go beyond simple satisfaction scores, uncovering hidden gems about your clients. We’re talking about their unique needs, goals, and even their preferred communication methods. By leveraging this knowledge, you can tailor your approach to each client, fostering deeper connections and, ultimately, building trust and loyalty.

Bang For the Buck

As in other areas of their lives, clients are trying to find the best return on their investment—both in terms of time and money. They may not know precisely what they want from financial advice, but they do know they want the highest overall value. They’re looking beyond products and services; they want personalized, cohesive advice and planning that is simple to understand.

Research from Ernst & Young’s 2019 Global Wealth report underscores this point: 80% of clients want more from their advisors but don’t know how to access it. Client surveys bridge this gap by giving you a direct line to their needs and expectations

Client surveys aren’t just about satisfaction scores. They’re a window into your client’s mind and goals regarding wealth management. Succinctly asking the right questions will elicit a road map to a better advisor-client relationship.

Modern Approach to Communication

The advisor-client relationship looks like any other healthy relationship. Communication is a priority, expectations are shared and understood, and each upholds their end of the relationship. Client surveys unearth valuable insights advisors might miss in regular communication. In-depth surveys go beyond simple “yes” or “no” questions, uncovering important feedback, such as:

• Client Values: What’s important to your clients? Understanding their long-term goals, risk tolerance, and desired lifestyle paints a clear picture of their financial aspirations.
• Communication Preferences: Do clients prefer email updates, phone calls, or online communication tools? Knowing their preferred communication channels ensures you reach them effectively.
• Areas for Improvement: Client surveys can reveal areas where your services might exceed or fall. Early identification allows you to address concerns and improve client satisfaction proactively.

Building Trust & Loyalty

Financial expertise is no longer the sole differentiator for advisors. More top-of-mind today is an advisor’s ability to build long-term relationships. Goal-based financial planning allows advisors to accomplish this by carefully listening to and addressing a client’s most pressing questions. The answers to these questions will help build a comprehensive assessment of the client’s financial situation and allow for an in-depth, personalized relationship focusing on the client’s aspirations.

Client surveys can be a powerful tool in fostering those relationships. This newfound knowledge allows for a truly personalized approach, demonstrating a commitment to their unique needs. Regularly incorporating client feedback from surveys into your communication and financial planning builds trust and strengthens the advisor-client bond.

Meeting Evolving Client Needs

The old days of single-focus advising are over. Firms are now attempting to broaden both their offerings and their target client and adviser segments. Competition for market share and clients is becoming intense. Clients want an advisor who can give them holistic direction and advice across both financial and adjacent needs.

As an advisor, you would only know this if you asked pertinent questions. Surveys can be designed with a broad range of questions, laser-focused on a specific topic, fine-tuned to fit any client, or repeated in a variety of iterations as needed.

Level Up

Clients demand product breadth and choice, but they want advice that is timely and designed for them based on their unique situations. The resulting plan must be proactive, personalized, and intuitive. For advisors, the solution is clear to foster deeper client relationships: personalize, engage, communicate, deliver value, and listen. Ask first, then act.

NEXA Insights can help elevate the advisor-client relationship by using insightful, probing questions to determine what a client needs to have a trusting relationship with their advisor. NEXA Insights offers a variety of services focused on measuring client experience. By providing a user-friendly, compliant, and data-driven solution, NEXA is transforming the way advisors approach client relationships through:

• Data-Driven Insights: Clients of NEXA Insights can leverage comprehensive data analytics to gain deeper insights into customer behavior, preferences, and satisfaction levels, enabling them to tailor their services and communication strategies accordingly.
• Personalized Engagement: By utilizing NEXA's client segmentation capabilities, users can personalize their interactions with customers based on specific demographic, behavioral, or transactional attributes, enhancing the overall customer experience and driving loyalty.
• Proactive Issue Resolution: NEXA's real-time feedback mechanisms allow clients to identify and address potential issues or concerns raised by customers promptly.
• Continuous Improvement Through Using Surveys: Through regular analysis of customer feedback and performance metrics provided by NEXA Insights, clients can identify areas for improvement and implement strategic initiatives.

Take your client relationships to the next level. Regular client surveys with NEXA Insights demonstrate your dedication to understanding their evolving needs. Contact us today to earn more info@nexainsights.com.