Need to educate clients
By Julie May
Mon 27 April 2009
Advisers' range of solutions have not stacked up well in a study of more than 40,000 client surveys.
The range of solutions offered to clients by their advisers has been ranked low in a survey that rated practices across key service delivery areas.
According to more than 40,000 client surveys in a study compiled by Business Health last month, the business relationship clients had with their adviser received the highest score.
Practice professionalism came in second place, the standard of support staff third, financial/technical knowledge fourth and understanding fifth.
These were followed by implementation of solutions in sixth place, range of solutions seventh, communication eighth and the financial review process ninth.
"With many practices grappling with the challenge of retaining clients, deepening existing business relationships and looking to grow revenues, it was interesting that range of solutions rated so far down the list as most Australian practices generally offer a wide range of services," Business Health partner Rod Bertino said.
It was likely that in the majority of cases advisers were not educating clients on the depth and breadth of solutions offered, Bertino said.
"Case studies are a great way to do this as they provide real life examples of the advantages different solutions can offer, as well as turn technical explanations into scenarios clients can relate to," he said.
Advisers need to continually reinforce the solutions offered so clients do not forget what they are or think solutions are limited to their initial inquiry. If clients were unaware, they were more likely to take their business elsewhere, Bertino said.
Advisers wanting to offer a broader range of products and services could consider a strategic alliance network, he said.
"Practices can partner with accountants, solicitors or mortgage brokers, but it's vital they understand that referral partners will be looked at as an extension of their own business," he said.
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