Turning Customer Satisfaction Into Sales

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• Turning Customer Satisfaction Into Sales

BISAs Technology Operations ConferenceJames
Seuffert, Co-Founder COO, Lockwood Financial
Inc.David G. Lee, President, Client Opinions,
Inc.Philadelphia, PANovember 14, 2006
For Financial Professional Use Only Not for
Public Distribution
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The Industry Life Cycle
Competitive intensity is changing the rules of
the game.FAST!
Introduction (1970-1990)
Growth (1990-2015)
Maturity (Beyond 2015 ?)
Intense competition Harder to differentiate Prolif
eration of product Increasing buyer sophistication
Key To Future Success Consistently Exceeding
Client Expectations (Creating Delighted
Clients) Intensively study every point of
contact with a client How can it be
phenomenal? What would delight/amaze them? make
them enthusiastic advocates?
Sales/Competitive Intensity
Baby Boomers
Time
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So, How Do You Exceed the Bar?
1 - Learn how high clients set the basic
expectation bar. Where are your clients? 2 -
Learn what it would take to exceed the barand
measure progress annually.
Delighted Clients
New Expectation Bar
Satisfied Clients
Move Clients
Basic Expectation Bar
Unsatisfied Clients
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The Ultimate Question
Would you recommend our firm to a friend? Turn
customers into promoters who generate good
profits an true sustainable growth!
Source The Ultimate Question, Fred Reichheld,
Harvard Business School Press
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Promoters
Create clients that are so positive about your
firm that they will enthusiastically refer you to
a friend or colleague! Why? These clients will
help you sell They are less price-sensitive
more profit They tend to stay They are
willing to invest more with you They will
refer you to others
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Learning about Clients

• An Annual Client Feedback Program
• Uncover opportunities that will help drive
  business growth,
• improve service quality and enhance client
  loyalty.
• and maximize the creation of Delighted Clients
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An automated, measurable, and feedback process
that is independent and confidential.
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What Can You Learn?

• Overall Satisfaction how well are we meeting
  client wealth management goals/needs?
• Client Attitudes/Feelings - what keeps clients up
  at night? Concerns?
• Upcoming Life Events what are the key upcoming
  life events for our clients? (new business?,
  new home?)
• Image - what thought comes to mind of a client
  when they think of our firm?
• Wealth Management/Investment Process how well
  do clients understand their wealth structure and
  our investment process?
• Awareness how aware are clients of the full
  scope of our firms services and products?
• Website - what do clients think of our newsletter
  and/or website?
• New Product Ideas - what new products and
  services would clients like to see?
• Evaluation of Our Services - how would our
  clients rate their satisfaction with our
  services?
• Areas for Improvement how do clients feel we
  could we improve?
• Strengths what do clients feel we do especially
  well and should continue doing?
• Client Profile - what of total wealth do
  clients have with our firm?
  
  
• Competition what other firms are contacting our
  clients?
• Client Service how do clients feel about our
  firms responsiveness and expertise?
• Communication do clients feel they are
  contacted enough? What is optimal?
• Reports/Statements how do clients feel about
  the timeliness and understandability of our
  reports?
• Education/Seminars what topics/formats (i.e.,
  webcast, conference calls) are of interest to
  clients?

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Willingness to Make a Referral
87 of clients would definitely/likely recommend
the firm to a close friend or colleague.
NOTE for complete list of respondents see next
slide
Satisfaction Has Everything To Do With Future
Revenue Streams
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Client Satisfaction Ranking
Delighted Clients
Promoters
Would Definitely Refer Pam J, Ron W, John D,
Norm H, Lois C, Mary D, Neil S, Dennis O,
Tony H, Louis L, Joe G, Terry R, Howard H,
George S, Ted G, Rich Q, Tom S, Joann K,
Robert G, Janet E, John P, Don G, Mary G,
Rich W, Joe F, Fred J, Pete S, Val B, Carol
G, Ralph G, M. Smith, Mark S, Jim C, Peggy R.
Satisfied Clients
Would Likely Refer James M, Pete M, Harry R,
Mary Z, Frank P, Joe H, Gord W, Mich G, Rob
F, John P, Ron K, Ron C, R. B. Reich, Mike
S, Paul L, James P, Peter H, Heather D, Leon
W, David A, Dave S, Gary F, Mary J, Pat W,
Virginia
Clients At Possible Risk
Clients at potential risk
Would Maybe Refer George H, Pat H., Michelle
F,Ann. A John J, David F, Joe C
Unsatisfied Clients At High Risk
Would Not Refer Bill N, John F, Glenn P.
Robert F.
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7 of 9 Services Have Less Than 66 Awareness
Among the Client Base.
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Awareness of Services
Low awareness of many key service offerings!
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Requests for Information on Services
There were 82 requests for information on
specific services. Estate and tax planning are
the two most requested services.
of respondents
Average 1.3 leads per respondent!
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Regular Client Feedback Is a Great Way to
Identify Upcoming Client Life Events!
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Upcoming Life Events Facing Clients
(in the next 12 months)
Retirement 1. Allen Schmidt 2. Duncan
College 3. Bradley Justin 4. K. Vissen 5. Bradley
Justin 6. Vince Balboa 7. Jack Sharon 8. Yasser
Marsch 9. Patrick Shabe 10. Linda Trescher 11.
Wm. Smalley 12. Linda Trescher 13. Bradley
Justin 14. K. Vissen
College for Kids 1.Yasser Marsch 2. Jack
Sharon 3. Bradley Justin 4. Patrick Shabe 5.
Linda Trescher 6. Wm. Smalley
Job Change 1. Mark Shirer 2. Bradley Justin 3.
Vince Balboa 4. Jack Sharon 5. Bradley Justin 6.
Yasser Marsch
Purchase New Home 1. K. Vissen 2. Yasser
Marsch 3. Patrick Shabe 4. Linda Trescher 5.
Bradley Justin 6. Patrick Shabe 7. Linda
Trescher 8. Wm. Smalley 9. Bradley Justin 10.
Wm. Smalley
Wedding for Kids 1. Patrick Shabe 2. Linda
Trescher 3. Bradley Justin 4 K. Vissen
Note Fictitious names to maintain confidentiality
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Competition and Wallet Share
Are you the only financial advisor that you
client has? What of a clients total assets do
you manage? Who has called your clients recently?
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Use of Other Advisors
Of those clients that use other advisors, most
provide asset management and tax-planning
services.
About 50 of clients use other advisors to help
manage their wealth.
Other Advisors Used by Clients
Services Provided by Other Advisors
I do not use any other advisor
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Best Practices is Hot Right Now!
Listen to your clients and they will help you
learn 1. What is working and whats not
2. Where to invest your business
capital 3. What is important to the
relationship
Do the Right Things RIGHT!
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Taking Action - Within the
Firm- In Sales Presentations
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Return the Favor
Clients took the time to give you their
thoughts Now, return the favor by sending them
highlights of the results and actions that you
intend to take based on those results. The
survey is a great way to enhance regular 2-way
communication!
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Create a Marketing Piece Highlighting the
Results!
This is real differentiation Only 1 of Advisors
reach out to clients to get regular client
feedback!
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Recognized for Client Service Excellence (sample
chart for sales presentation)
Our Philosophy Continuous learning and
improvement to exceed client expectations. Our
Goal Deliver the highest level of client
satisfaction in our industry. Pinpoint areas of
satisfaction/dissatisfaction to anticipate
problems identify opportunities as early as
possible and take the appropriate action. The
Result A 5-Star Client Enthusiasm Rating
Awarded to SAMPLE ADVISOR by Client Opinions an
independent research firm specializing in the
investment industry
This rating reflects the highest level of
achievement for Client Service.
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Client Feedback (sample chart for
sales presentation)
What thoughts come to mind when you think of our
firm? Representative Comments

Client Satisfaction 95 of clients say we do a
good/outstanding job of meeting their needs 97
of clients are satisfied with our accessibility
98 of clients are satisfied with our
responsiveness 98 of clients are satisfied
with the timeliness and accuracy of reports
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Listen Hard and your clients will reveal the
secrets of GROWING your BusinessTHANK YOU!
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