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Survey Clients for Increased Success

Client satisfaction is important (or should be important) to advisors as part of an effective business strategy to improve client retention and grow a client base.


Why client surveys?


Client surveys are a good tool to determine if your client service strategy is working.  By surveying clients you can gain insight into how to improve a practice to meet client expectations.  The alternative is to wait until a large client leaves unhappy, and nobody wants that to happen.  Instead, use client surveys to learn from your clients how you can improve your service and meet their needs.


By surveying your clients, advisors can get answers to the following questions:


  • Are you and your staff meeting client expectations?
  • Are there financial topics that you are not addressing?
  • Is there a member of your staff that the client appreciates?
  • Any concerns that a client may have.


There are choices for advisors when deciding how to conduct client surveys.


Phone-based surveys.  These can take the form of live phone calls or recorded calls where clients respond to a set of questions.


Internet-based surveys.  There are websites that allow businesses to conduct web-based surveys. Surveymonkey.com is a well-known website and there are others that allow business owners to create client surveys with customized questions.  For advisors that use a CRM system, check to see if there are survey websites that integrate with your CRM.


Paper-based surveys.  Good old paper surveys can still work, and older clients might prefer them.  Give clients the option to remain anonymous and provide a postage paid envelope in order to receive a good response rate.


After selecting the type of survey, advisors must then choose if they want to conduct the survey using a do-it-yourself approach or hire a third-party firm that specializes in client surveys.  The advantage to third-party firms is their expertise in the survey design, compiling feedback and analysis of client responses.  These firms can give clients the option to keep the feedback anonymous so clients may be more candid with their feedback.  For the do-it-yourself approach, advisors can design the questions or look to survey websites that can aid in the design and delivery of surveys.


There is no time like the present to conduct a client survey and use it as a regular tool to obtain client feedback each year. Think of client survey data and analysis as a valuable asset, like a mountain of knowledge that can provide important feedback that is useful to improve a business.


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