A litmus test for every financial planning business is what its clients think about it. But without explicitly asking clients what they think, there’s no good way of knowing.
Terry Bell, a partner in consulting firm Business Health, says there are clear financial benefits for planning practices that check in regularly with clients and monitor what they are thinking.
He says the average profit for these firms is 111 per cent higher than for firms that do not seek client feedback; yet only about 30 per cent of businesses bother to formally ask, and monitor over time, what clients think.
Business Health’s client survey tool is called a CATScan – an online, confidential survey run by Business Health on behalf of the financial planning practice.
“Clients are asked to rate their adviser in nine key areas as well as provide qualitative feedback across a number of other important aspects of business, such as their willingness to refer,” Bell says.
It takes about eight weeks to run the survey though a typical practice’s client base. On average, 30 to 40 per cent of clients contacted participate in the survey.
The results from the survey are then benchmarked against Business Health’s industry database of feedback from more than 45,000 clients.
“It’s important to note that every comment the client makes is captured verbatim through the process,” Bell says.
“And, in our experience, this is very often where the most value lies for the adviser.
“The process is well proven. We’ve been doing this for 15 years, and it requires minimal work from the practice itself. What the adviser will receive is a practical, easy to digest and honest appraisal of their business as seen through the eyes of their clients.”
Special offer for Forum delegates
Financial planning business owners and practice principals who attend the Professional Planner Best Practice Forum on August 27 can take up the offer of having a CATScan client survey conducted for the discounted price of $500 plus GST. The CATScan survey usually retails for $900 plus GST. The CATScan can be undertaken any time in the next 12 months.
The offer is open until September 11. When a Forum registration is accepted you will be asked if you want to take up the CATScan offer.
The offer is also open to owners and principals who have already registered to attend, and will be emailed directly to those delegates.
“One word of warning though,” says Bell.
“If you have no genuine desire to act upon the feedback you receive, don’t ask in the first place.
“But if you believe that your clients are your greatest asset why wouldn’t you want to know how satisfied they are with you?”
