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How Does Your Firm Measure Client Satisfaction?

Whether you run a single-family or multi-family office, it can be tough to ensure that every generation feels as if its needs, priorities, and expectations are being met. One of the simplest ways to ensure smooth wealth transfers and for clients from every generation to feel valued is to measure client satisfaction consistently. Your firm doesn’t need to fail as spectacularly as Archegos family office to have a low satisfaction rate, so finding a way to measure yours is critical.

Selecting Satisfaction Criteria

Many criteria can be used to weigh your clients’ satisfaction levels. While 45 percent of family offices measure success by their performance, your clients might have more complex requirements. For some clients, the number of special services offered, such as art valuation, will heavily influence satisfaction levels. For others, it might be about receiving highly personalized investing advice based on their interests, expectations, and risk level. Some clients might appreciate having at least one advisor with an expertise in alternative digital assets such as NFTs. Fast customer service, streamlined processes, and multigenerational legacy planning may also play a role in client satisfaction levels.

When choosing the criteria you will use to measure satisfaction, you might consider following J.D. Power’s lead. In their annual Full-Service Investor Satisfaction Study, they evaluate seven factors to create their scores. Those factors include products and services, problem resolution, and digital channels.

Collect Feedback

Once you’ve chosen the criteria you will use to measure satisfaction, you need to create a way for your clients to rate you on these criteria. An annual client satisfaction survey can be the ideal tool for doing so. When designing the survey, you can create sections based on your criteria and give the clients a number scale to rate each of the criteria. Because your clients may have other ideas about what is important to their satisfaction, be sure to include an area for their suggestions and a section for an overall office rating.

Track Feedback and Implement Change

Once you open Pandora’s box and start asking for feedback on client satisfaction, your clients will rightfully expect you to use this information to implement changes. After reviewing the suggestions, communicate with clients what steps you will take to improve those areas that are lacking.

If your clients are fully satisfied and there are no changes to be made, they will understandably expect you to maintain that service level. Sending an annual client satisfaction survey will ensure that you are—and that your clients’ expectations haven’t changed during the intervening months.

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