A common trap for advisers is to assume that their close client relationships allow them to get a good enough read or insight into their needs, making formal feedback mechanisms like customer surveys unnecessary.
In fact, amongst 328 Australian advisory firms, just 30% had a structured approach to seeking client feedback, despite evidence indicating that client feedback can generate, on average 111% increase in bottom-line profit1.
Of the firms that did formally seek client feedback, only 34% shared the results of the feedback with other clients, staff and business partners1. Sharing client feedback across your advisory practice is critical to ensure that your customers- voice can affect change in how your firm operates internally.
In this day and age, customer is king and everyone's a critic - it's time to take advantage of the benefits of receiving regular customer feedback: