When it comes to prioritizing advisor performance metrics, client satisfaction rates usually come in at or near the top of the list. But what’s the best way to go about getting that kind of information?
At Moreton Retirement Partners in Denver, simple client surveys work well, according to Chad Larsen, the firm’s president. Moreton’s client surveys typically clock a response rate of around 50%, says Larsen. “We get a lot of really valuable feedback for making changes,” Larsen says, “like spending more time in committee meetings, for example.”
Taking part in a panel discussion at the 2013 NAPA/ASPPA Summit in Las Vegas this week, Larsen was joined by Sue Kelley of Ann Schleck & Co. and Troy Hammond of Pensionmark Retirement Group.
Kelly agreed with Larsen’s enthusiasm for client surveys. “They’re a great way to tell what really matters to clients, and to get tips and ideas on situations that you might not be aware of,” she noted.
Hammond recommends using a third party provider to get optimal results. “Survey firms that follow up on a web-based survey with phone calls tend to get the best answers,” says Hammond.
Also read our post on the trio's take on the importance of assessing and optimizing profitability.
