Recently we sent our biennial survey to all of our clients asking you to evaluate various aspects of our services. We rely on the results of the survey to guide us in assessing our current services, staff, and future changes to our service model.
In total, 94 surveys were sent and we received responses to 41, a 44% response ratio. While we were disappointed with what seemed to us as a low response rate, our consultant told us it was slightly above the median.
Here are the areas where you said you were “very satisfied” or “somewhat satisfied” that we were meeting or exceeding your expectations:
• 95% with our services.
• 96% said we add value above and beyond investment performance.
• 90% said that the range of services we provide meets all of your financial needs.
• 93% said your statements are clear and easy to understand.
• 95% said the frequency with which we contact you meets or exceeds your needs.
• 95% said your calls and e-mails were returned promptly.
• 95% said any problems you encounter are resolved quickly.
• 83% said the content on our website is helpful to you.
• 93% said you are confident in the skills of all our team member.s
• 100% said your account is handled with few errors.
• 97% said you are like to refer us to friends and family.
While we were ecstatic with those ratings, there was one area in which you said we were below expectations, that is giving good value for the fees you pay. While 90% of you were very satisfied or somewhat satisfied with the value for the fees you pay, just 54% of you said you strongly agreed that you receive good value, while 95% of you said it was critical that you do.
At first glance one might wonder if our fees are priced above the market. However, according to the findings of a recent survey done this year by DFA of about 500 financial planners or investment advisors, our fees were just below the median.
What we take away from this is that while you are extremely happy with our services, and while our fees are competitive, we are not doing a very good job communicating to you the depth and breadth of what goes on behind the scenes to provide our services or the costs associated with providing them.
We asked you if we should add some additional events, specifically a couple of client events, a weekly financial therapy group, or more educational workshops. All these ideas drew a collective yawn!
The number of annual review meetings seem to agree with most of you. Currently we meet with our clients one to three times per year, depending on complexity.
One area we were especially delighted with was the finding that 80% of you are comfortable discussing your portfolio or financial plan with someone on the team other than Rick. The national average is in the 40th percentile range. We think this speaks highly of the competency of our staff and the extreme care we put into onboarding new team members.
Thank you again for taking the time to complete our survey. We hope you’ve found the results interesting. We certainly have, and we will be using them to continue to fine-tune and enhance your client experience at KFG.