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Understanding Your Report Card

You asked for client feedback, and you got it. Now it’s time to analyze the results.

By Janet Arrowood

“The Advisor’s Report Card” explained why it’s so important to ask your clients for input on your performance. Now that your report card’s in, analyze the results and look for patterns. The following are a few case scenarios based on client feedback:

  • If most of your clients indicate that your staff is inattentive or unresponsive to their needs, you know this will probably affect client retention, referral frequency and acquisition of new business. This is an easy, although perhaps unpleasant, situation to deal with.
  • If overall responses suggest that you are pushing a product too hard or too often, revisit your approach for determining client needs. Perhaps most of your clients are interested in a particular product over another which you feel better meets their needs. Maybe you haven’t sufficiently educated them about the latter’s importance. Cross-reference a response like this against what your clients say you are—and aren’t—doing right.
  • If you are getting lots of responses about a new product, you might want to incorporate information about it into annual reviews, as well as your plan for generating more clients. Client mentions of products that you have not focused on are a good indicator that they are talking to at least one other advisor.

If overall responses suggest that you are pushing a product too hard or too often, revisit your approach for determining client needs.

By analyzing responses, including what they suggest by way of omission, you’ll be far better equipped to head off problems and meet clients’ stated needs. Also, to make the most of your report card, add the feedback to your business plan or model.

It all comes down to asking the right questions, paying attention to actual and unspoken (but implied) responses, and coming up with a plan that better supports the needs of clients across the spectrum of insurance and financial advisory services.

Read Arrowood’s companion piece, “The Advisor’s Report Card.”

Download and use a sample Advisor Report Card.

Bio: Janet Arrowood is a freelance writer based in Colorado. She has been a regular contributor to Advisor Today for more than six years. She can be reached at TheWriteSource1@yahoo.com.

 


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