Why personal communication is the key to client satisfaction

Personal and tailored communication is integral to forming deeper relationships and overall happier clients, two advice professionals have emphasised, particularly when it comes to review time.

Research from Business Health recently highlighted that new clients are less satisfied than clients who have been working with their adviser for longer periods of time.

Speaking on a webinar hosted by Advisely, Iress’ community platform, Business Health principal Tony Stephens outlined why this may be the case.

The principal said that an insufficient number of advisers are asking their clients if they are happy with their overall experience. According to Stephens, just one in three advisers said they survey their clients on their satisfaction levels.

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“Clients like their adviser, so they are not necessarily willing to provide any constructive criticism. The reason clients don’t provide that feedback is because they’re not asked enough,” he shared.

Deborah Kent, co-founder of Integra Financial Services, also shared why personal communication is crucial to clients’ overall satisfaction levels. For example, this could mean reaching out to a client once they’ve hit retirement or had a milestone birthday.

“While it is more labour-intensive, it adds value because [clients] feel that deeper connection with [their adviser] and like that personal touch. They will then refer clients to you,” Kent described.

Approaching the client review

The two professionals also identified the client review process as another way to improve client satisfaction levels.

According to Stephens, there is a direct correlation between high quality reviews and happier clients.

“What clients continually tell us in the feedback is that they want their lives reviewed, not just their investments,” he explained.

“Sometimes the review can get a bum rap because it can be very compliance-heavy and it’s seen as something you have to do. You need to find a balance between the client experience and the compliance because it is probably the single-most important thing you can do over the lifetime of the client to retain them in your client base.”

For Kent at Integra Financial Services, the firm has been “rejuvenating” its client review process through additional automation to ensure greater efficiency.

“My reviews are more on a personal level. We do get to the important bits around their investments and how their super fund is tracking, but most of my reviews are done around their lives, their goals and what is happening with their family,” she said.

“We’re talking about deep relationships – while the review process needs to be automated in the compliance sense – it is all about deep conversations with your clients. That is what they will value and where the relationship comes from.”

Whether it be remembering your client’s holiday to France or their love of golf, both professionals encouraged advisers to document specific details about the client’s personal life.

In summary, the webinar provided five key takeaways for advisers looking to strengthen their review process:

• Structure the review around “life” – goals and objectives, not just investments and insurance.
• Ensure all client parties are actively involved in the discussion.
• Keep clients updated on progress and expected time frames.
• Lean on technology to automate the process – e.g. booking appointments, file notes.
• Don’t wait until the client review to pick up the phone.