Partners in Prospecting

How to Create a Meaningful Client Survey – Tell Me Why

August 18, 2020

How to Create a Meaningful Client Survey

I believe in the value and importance in obtaining a pulse on existing clients and communication is paramount in solidifying the relationship. The disruption created from these extraordinary times with COVID-19, makes it an opportune time to check in with your clients with a phone call and/or a survey. Surveys can be quick, easy and will allow your clients to provide valuable feedback without feeling pressured.

Unique Value Proposition (“UVP”)

One type of survey that is particularly helpful to Investment Advisors is the Unique Value Proposition (“UVP”) opinion survey because it asks clients specific questions on their perceived value from the relationship.

  • Think back as to why you became our client. What were your deciding reasons?
  • Why have you stayed with me and my team?
  • How likely are you to recommend us to a friend or family member?

Select a few key points that are part of your UVP and ask your clients to rank how important these aspects are. Truly customize your UVP to answer the questions you need answered to help you continue to add value. Perhaps most of your clients came to you because of your investment knowledge and experienced investing. You could then ask them to rank your questions on a scale from 1 to 10. But it is definitely to your benefit to encourage them to expand on why they became your client and stayed with you. You will want to make certain that you include “free form” fields to allow your clients to explain, comment and express themselves. This is why I suggest you personally contact the top 25% – 50% of your clients’ and ask for their response. It’s an excellent opportunity to remind them of your importance as their Investment Advisor.

Many people, especially these days, are feeling stressed, anxious and uncertain and I believe this is an excellent way to solidify your relationship. With the clients that you do not call personally, you can leverage a survey using a simple online tool that is broadly familiar to many: Survey Monkey. It is user-friendly, inexpensive and generally well known.

Net Promoter Score (“NPS”)

After you ask your clients the two key questions gleaning insight as to why they came to you to manage their investments and why they stayed with you, add this specific client feedback question to help you obtain the Net Promoter Score (“NPS”): “How likely are you to recommend us to a friend or family member?”

You can calculate your overall NPS by subtracting the percent of “detractors” – those who responded with a number between zero and six – from the percent of “promoters” – those who responded with a nine or a ten. Since these numbers are calculated as percentages, the total NPS score can be anywhere between minus 100 and 100, regardless of the number of customers surveyed. NPS has been shown to correlate with other business metrics, like customer retention and revenue, so it’s a good indicator of how your business is doing overall.

After you ask your NPS question: “How likely are you to recommend us to a friend or family member?”, you should then ask a simple, open-ended follow up question: “Tell us a bit more about why you chose this number.” This way, clients can state the things they particularly liked or disliked. This gathers essential information without overwhelming the client with questions.

This client feedback survey example has several advantages:

  • Provides meaningful data,
  • Allows you to gather many responses quickly,
  • Provides data for comparing overall performance year over year,
  • Provides a good indicator of overall company performance.

Now that you have the survey data

It is a good idea to conduct the occasional survey as a “check-in” and report card as to how you are rated in service. In addition, if you haven’t already thought of or written your team UVP – you will have ready comments as to why clients have come to you and stayed.

Another use for the survey is the referral aspect. If you have a high NPS – you can go back to those individuals and ask them for a referral or testimonial. As you can see – there are many uses for the Client Survey to keep both you and your clients on track.

Can you tell me who first had a hit with the song “Tell Me Why”? Score some bonus points for yourself if you can name the Canadian who recorded a different song with the same title a few years later.

While we’ve got your attention, please take a look at our fund line up at https://caldwellinvestment.com/investment-solutions.

About Jennifer Kuta

For more than 25 years, I have worked with Advisors helping them build their businesses. My commitment to you is to partner with you in your practice and offer solutions to help build your business.


The contents of this blog are the personal views of the author and not necessarily the views of Caldwell Investment Management Ltd. The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of advice. Readers should consult with their own compliance/legal advisors for advice on their specific circumstances before taking any action as sales and prospecting activities are subject to regulatory oversight.

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