One of The Covenant Group’s teachings is about the importance of developing a service plan to maintain a strong relationship with your clients after you have made the initial sale. Often, entrepreneurs are stuck in the mode of salesperson. However, you also have to be a customer service master, working with the client for many years as their needs change.
A study from U.K.-based consulting and research firm MDRC found that wealth managers’ client satisfaction rates had dropped 4 percent in one year, falling to 58.6 points on the index – almost as low as they were during the peak of the financial crisis. The 1,500 clients who responded to the survey identified portfolio volatility, a lack of impartial advice, not getting value for money and failure to meet their expectations as major complaints, Citywire reports.
In an interview with the news outlet, the managing director of MDRC, Richard Williams, explained that even if you have damaged the level of trust that your client holds in you and your business, it is possible to rebuild those bridges.
More than half of those who responded to the survey said getting value for their money was the main factor in their satisfaction.
“One of the real problems is that firms don’t really understand client satisfaction,” he said. “First of all, understand client expectations … and secondly, measure client satisfaction.”
Running studies, sending out surveys and other consistent methods for acquiring feedback can help you devise a strategy to identify and rectify weak points in your customer service.
How do you ensure your clients feel they are getting value with you as their advisor? What do you do to build and maintain trust in the relationship? How do you manage their expectations?
Norm Trainor’s book, The Entrepreneurial Journey, gives a more detailed explanation of drafting your service plan. First, you must understand how to work toward the common interest shared between you and your client, rather than focusing on the rights of one party or who holds power. These latter approaches only end in struggles. They do not lead to a fruitful, long-lasting relationship.
As you foster an interest-based relationship, focus on the three main types of interests: results, process and emotional. By not only delivering positive outcomes (results), but also doing so in a collaborative way that involves the client (process) and takes into consideration his or her emotional and psychological needs, you can build client capital and enjoy long-term relationships with high-quality clients.