Blog: It's Silly to Avoid Customer Satisfaction Surveys


The satisfaction levels of investors with their financial advisors during the pandemic is higher than ever, yet advisors remain afraid to conduct satisfaction studies with their clients.  Why are financial advisors afraid of asking their clients what they think?  And while most investors are satisfied with their advisors at the moment – as the market volatility drags on throughout 2020 - how do you make sure they will remain happy?

In May, according to Spectrem’s ongoing research*, 88% of investors indicated they were satisfied with their financial advisor.  As wealth level increases, so does the satisfaction level investors have with their financial advisor.


It’s also interesting to note that because of strong communication levels during the pandemic, 39% of investors were more impressed with their financial advisor than prior to the corona crash.  Therefore, as financial advisors are celebrating a time when satisfaction levels are very high, now is the time to think about implementing ongoing satisfaction studies with your clients to ensure that this level of satisfaction is maintained.

Typically financial advisors have used the following excuses to avoid conducting a satisfaction study.


1.       “Clients don’t like to be bothered by surveys”.  In an environment in which investors are receiving satisfaction surveys on a daily basis, a survey from their trusted advisor will not be considered intrusive.  While certainly investors don’t want to fill out a survey everytime they make a change to their account or merely contact their advisor, they are used to being surveyed every time they go to the branch bank or ride on an airplane or get their car washed!  In fact, your clients might be wondering why you don’t ask for their opinion.

2.      “I know how my clients feel….I don’t need to do a survey”.  While it may be true that advisors do know how their clients feel, a survey may provide information that advisors may not realize clients are worried about.  For example, “What is the succession plan for older advisors?”  “Why can’t I access my information via my telephone?”  “Why doesn’t the assistant ever call me back?”  There are many things an advisor can learn from a survey – both good and bad – that will allow the concerns of an investor to be addressed.

3.      “We just made a change…let’s wait until clients get used to it.”  There is no better time to do a survey than right after there has been a change.  This allows the advisor to quickly fix any issues that may have occurred due to the change.

4.      “Market volatility will impact the outcome.”  While the market may have some impact on customer satisfaction, generally investors tend to have a long-term view and are very understanding of an advisor’s performance during uncertain markets.  The key is whether or not the advisor is proactively communicating with investors or not.

The reason that investors are happy with their advisors despite the market volatility (and losses) caused by the pandemic is because of outstanding communication and service by financial advisors and their teams during this timeframe.  This is the opportune time to have your clients weigh in regarding their feelings and then to identify a regular timeframe to check back with them to make sure that all of the positive aspects and feelings are ongoing and any challenges are addressed.

For information on how Spectrem Group can help you with your customer satisfaction survey needs, click here.


*Information is included on dashboards in all Spectrem subscription series.