AUSTRALIAN NEWSLETTER MAY 2017
>> FUTURE READY VII THE RESULTS ARE IN!
>> STATS & FACTS SNEAK PEAK AT THE RESULTS
>> SATISFIED CLIENTS IT’S NOT JUST ADVICE
>> YOUR CIENTS? HOW SATISFIED?
>> CONTACT US
Future Ready VII
HOW HEALTHY IS YOUR PRACTICE?
We are delighted to release the results of our latest analysis of the business ‘health’ and future readiness of Australian practices. Our findings are based upon the results of 226 practices who invested their time to ‘HealthCheck’ their business over the past 18 months. As such these results provide a unique insight into the operational health of advisory firms.
This is the seventh in our Future Ready series which began in 2002 and is proudly sponsored by knowITdigital. To quote from their CEO, Wayne Wilson, “wealthdigital is targeted at improving business outcomes and will become an end to end compliance and risk management system at the AFSL, practice and planner levels. It systemises and standardises the advice process to ensure compliance with all legislation and regulations. Goals based planning methodology ensures meaningful client-centric outcomes. The comprehensive reference library, training and professional development resources we are developing will power the qualifications and ongoing professional certification of your people. wealthdigital is building to be the heart of the governance and operational components of risk management for your business.”
STATS & FACTS: KEY FINDINGS ON CLIENT CENTRICITY
A sneak peak at the Future Ready VII Report
Firstly, an observation… hardly a day goes by without the expression ‘client centric’ being referred to in the media. And so it should be, given the client surely resides at the very heart of our advice industry. But it seems that for many practices, it’s more a case of ‘do as I say, not do as I do’. Consider a couple of high level Future Ready VII findings:
- 62% of practices are contacting (any format) their very best clients less than ten times a year.
- Almost 1 in 2 practices do not have a clearly defined client offer (CVP).
- Only 1 in 3 practices (34%) have sought structured feedback from their clients in last 12 months.
- The 3rd lowest client-rated KPI from our CATScan survey tool is ‘range of services’.
We’re not too sure how these finding line up with a ‘client centric’ business model?
For your consideration.
A recent study from the States* has found that it’s not just financial guidance and education that makes a great adviser
Here in Australia, our CATScan client survey results consistently show that there is more to ‘client satisfaction’ than simply providing financial advice. It appears to be the same for our American counterparts. The US results support our own findings; those advisers who consistently demonstrate good listening skills, those who are deemed trustworthy and demonstrate integrity earn the highest ratings of satisfaction from their clients.‘
These findings support what we have seen in practice, that human relationships matter and advisers who establish a deeper emotional connection with their clients have more satisfied and confident clients,’ said Matthew Bryan, Assistant Vice President at Guardian. ‘Even in this age of financial apps and robo-advisors, the client-advisor connection is a critical aspect of achieving financial confidence.’
These findings are not new or revolutionary for any of us, but we thought it wouldn’t hurt to remind ourselves! The same survey asked respondents to think about their life priorities and allocate 100 points of importance across a number of categories to indicate their highest and lowest priorities. Here’s what their research revealed;
HOW SATISFIED ARE YOUR CLIENTS?
If you are among the 2 in 3 Australian practices who have not sought structured feedback from their client sin the past 12 months…
You may want to consider conducting a client survey. While any form of structured feedback is a great initiative, perhaps you might like to consider our own CATScan diagnostic. It’s easy to implement, conducted in an anonymous and confidential manner. The report you’ll receive in return is comprehensive, containing not only the marketplace benchmarks, but also important demographic intel as well as every comment the client makes. An easy way to survey your clients in the most professional way.
Please email firstname.lastname@example.org to request further information and/or to order a CATScan client survey.
Send us your Ah-ha! moments (when someone says something that resonates with you and the lights go on!). Prizes for those we have not heard before. Some we have heard recently…
- Send a hire car to pick up an older ‘A’ client who has difficulty in attending the review meeting.
- Hand write your mobile number when you give your business card to key clients, prospects and referrers.
- Clients don’t care how much you know until they know how much you care.
- Would you pay a premium for your business? A great question to ask yourself from time to time.
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