An Easy Way to Keep Clients? Use Surveys

CUNA Mutual Group
February 25, 2010 | COMMENTS

Everyone knows it less costly to retain a client relationship than acquire a new one. Though many advisors continue to expend a great deal of time and energy on new client acquisition efforts, all too often minimal effort is focused on retaining existing relationships. While many advisors do periodic client review meetings, this may not be enough. Consider incorporating a routine survey of existing clients, as well as those who have moved their business, into your 2010 retention efforts. This simple application can go a long way in understanding the catalysts that spur movement, and maintain loyalty.

Engage others from your credit union in the development and identify survey formats the credit union may already be utilizing. This could be a synergy opportunity. Develop the content based on a scale of 1 to 5, and include open-ended follow-up questions.

Once the surveys have been completed and returned, look for possible trends in feedback that might bring the effectiveness, or ineffectiveness, of your current retention efforts to light. Based on these findings, develop a retention strategy. The more effective surveys are executed (at least) annually, with little change in the questions, so results can be compared and variances identified.

Surveys should serve as more than a gauge of client satisfaction. Even “satisfied” clients can leave. What you want to gleam from this exercise is an understanding of WHY clients stay or leave.

Source: Investment News January 15, 2010, Practice Management by Melissa Neil and Brant Skogrand. Reprinted with permission from CUNA Mutual Group, which provides financial services to credit unions and their members. For more information contact Rick Uhlmann at 608-231-8940 or rick.uhlmann@cunamutual.com.