You see it all the time. “Your satisfaction is our goal” or “We’re not satisfied until you’re satisfied.” Consumerism has, for the most part, taught us that satisfaction is the standard. In the financial advisory business, satisfaction is unacceptable. Satisfied clients are not loyal clients and loyal clients are the only good clients. Thus, the myth of the satisfied client.  Satisfied clients will kill your business. The motto should be, “if you’re only satisfied, fire us!”

A fund family survey I recall from a handful of years ago stated that roughly one in ten affluent clients regarded themselves as “loyal”. The others labeled themselves as “moderately satisfied” or “satisfied”.    The moment I read those statistics, I had a “client service epiphany” and realized that there are only two categories of clients.  Clients are either loyal or disloyal. And if we accept that satisfied clients are, in reality, disloyal clients then we accept that our standard has to change. 

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access