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Client Survey Toolkit Schwab

     

    Voice of the Client Survey Toolkit
    featuring Bain's Elements of Value®

    in association with

    		  
     


    The voice of the client has always been at the heart of a successful family wealth practice. You know your clients' experience is critical, but are you listening to them in a way that's comprehensive, insightful, and actionable? How can you improve your value proposition? What are their unmet needs? Why did they choose you over other firms?

    		  
     

    Your clients have the answers - you just need to ask them.

    		  
     


    For the past two years, the Family Wealth Alliance has worked with a team of experts to develop an industry-first approach to capturing the voice of family wealth clients. The Client Survey Toolkit is a powerful, customizable, and confidential way to understand what your clients value, how well your firm is delivering on that value, and how you compare to the industry.

     

    Who’s suitable to participate?

    If you base your operations in North America and your organization is one of the following, you would be most likely to benefit from participating in this survey:

    • Financial Advisor/RIA over $1.0 Billion in AUM with at least some clients over $20 Million in net worth
    • Law or Accounting firm that has a Family Office practice
    • Multifamily Office
    • External CIO Firm
    • A family wealth offering within a bank or institution
    • Large Single-Family Office (over 25 households and multi-generational)

    		  
      Fill out an interest form  
       

     

    		    
     

     

    Why it's important to hear the voice of your clients through a client survey

    		  
      Client expectations are higher than ever – and the competitive landscape is more crowded. A robust client insight strategy is the difference between falling behind and leading the pack.

    The most reliable and objective method of gathering actionable client insights is a client survey. Surveys give you the feedback you can’t get from one-on-one interactions. They unearth what your clients are feeling but might be too afraid to say, and how they see your business now and in the future.
         		  
     
    • Keep your clients - and the next generation - feeling engaged and valued
       
    • Identify emerging issues that could compromise the experience you deliver
       
    • Make smarter, more impactful decisions
       
    		  
    • Better articulate your value proposition to prospective clients 
       
    • Implement new ideas that elevate your offering above the competition
       
    • Develop compelling brand differentiation
    		  
     


    "While you may think you don’t want to bother your clients or ask them to fill out a survey, I am here to tell you they want you to ask them.

    Not asking them is sending you down a path of disengagement. This is the single best thing you can do for your client experience."
    →
    Katie Spencer, MA, MA, Psy.D
    Founder & President
    Northbound Consulting

    		  
     

     

     

    We recently sat down with Colin Brooks, Vice President & Trust Officer at Sawmill Trust Company, to discuss how client feedback surveys have been an important element of their firm's client experience strategy ⁠— and why they chose to leverage the Alliance Client Survey Toolkit this time around. 
    →

    		  
             
     

    Why use our Client Survey Toolkit?

    		  
      Simply put, we gathered the best minds in the business to craft the best possible survey tool, specifically tailored to the needs of family wealth firms. Then we made it easy to use, affordable, and customizable. And we're packaging it with never-before-seen industry benchmarking in the form of our Voice of the Client in Family Wealth: Industry Benchmarking Report.  
     


    Our Advisory Board

    		  
       

    		 

     

    Eric Almquist

    Partner, 
    Customer Insights and Analytics
    Bain & Co.

     

    Brian Kostick, CFP®

    Managing Director,
    Business Consulting Services & Education
    Charles Schwab

    		  
     
    		 
    		 

     

    Andrew Busser

    President, Family Office
    Pitcairn

    		  

    Kristi Combs

    Managing Director, Client Relations
    Greycourt

    		  
     
    		 
    		 
     

    Drew McMorrow, CFP®

    President & CEO
    Ballentine Partners

     

     

    Michael Zeuner

    Managing Partner
    WE Family Offices

    		  
     
    		 
     

    Dynata is the world's largest first-party data and insights platform, with more than 40 years’ experience as a pioneer in consumer and B2B insights. They've helped more than 5,500 organizations around the world and in every industry find and accelerate the right insights to market, enable better decision-making, and deliver revenue growth. 

    Utilizing automation, dashboards, real-time reporting, and mobile optimization, their experienced team is able to provide an integrated approach for realizing the best results from the highest quality research.

     

    		  
     

     

    Comprehensive and innovative metrics

    		  
         
     

    Net Promoter Score (NPS)

    Net promoter score has been shown to be one of the best predictors of an organization's top line growth. NPS helps businesses evaluate the quality of their client service (particularly in relation to the market), monitor trends, and increase revenue through client referrals.

    		  

    Customer Satisfaction Score (CSAT)

    No metric is more closely correlated with long-term, sustainable business growth than client satisfaction. CSAT gauges how satisfied a client is with specific service areas, dimensions, or interactions. Customizable questions form an in-depth analysis of your firm's strengths and weaknesses.

    		  
     

     

     

    		  

     

     

    		  

     

    Bain's Elements of Value®

    Value is rooted in human psychology. Based on research with more than 190 companies across 22 categories, Bain & Co. has identified 30 Elements of Value that lift brand propositions above commodity status. They’ve proven that delivering more elements yields higher NPS, revenue growth, and share gain. Learn more.

     

    Confidentiality

    The Client Survey Toolkit is specifically designed for firms that require the highest level of security and confidentiality. Client responses are processed anonymously and no identifiable client data is given at any time. All research parties are protected under a strict Letter of Agreement.

    Participating firms agree to contribute their data to a non-identifiable, aggregated industry report, wherein they will be listed as a research contributor. No rankings or individual firm results will be included.

     

    		  
       
      Managing the Elements of Value 

    Eric Almquist, a partner in Bain's Customer Strategy & Marketing practice, discusses 30 elements of value at work in the marketplace and how companies that deliver more of these elements have higher growth and more customer advocacy.

    © Bain & Company, Inc.    		  
     

     

     

    What's included in your Toolkit

    		  
     

    		 

    		 
     

    Ready-to-use, customizable survey

    A pre-built online client survey, branded with your logo, plus an option for phone administration. Your firm will have the opportunity to add, modify, or remove questions from the survey. Once customized, the client survey is ready for your firm to disseminate. Your firm, under your brand, will be the only ones reaching out to your clients. 

    		  

    Communication templates

    Keep advisors, relationship managers, and clients informed and engaged during the survey process. Craft your own communication strategy, or start with our templates and recommended cadence. It's up to you.

    		  
     

     

     

    		  

     

     

    		  
     

    Raw survey data

    Complete access to your firm's raw data for processing, analysis, and review. Note: Survey responses are anonymous to ensure confidentiality and transparency - your firm will receive all client responses in full, but you won't know which clients provided them.

    		  

    User-friendly dashboard

    An online dashboard to monitor engagement levels and see your client feedback come to life in real time. Response data is automatically translated into insightful charts, graphs, and tables - we've done all the work for you.

    		  
     

     

     

    		  

     

     

    		  
     

    Topline summary

    Delivered four to six weeks after your survey closes, a dedicated research analyst will process your data and provide a short summary of key metrics, insights, and implications to guide the interpretation of your results.

    		  

    Industry benchmarking report

    Hearing the voice of your clients is powerful, but knowing how you compare to peers and the overall industry provides an even greater advantage. That’s why, in addition to receiving results for your firm, you will receive the Voice of the Client in Family Wealth: Industry Benchmarking Report.

    In the spirit of peer-led collaboration, all firms using the Client Survey Toolkit agree to contribute their anonymous data to this non-identifiable, aggregated industry report, wherein they will be listed as research contributors. No rankings or individual firm results will be included. The report will be published after reaching a critical mass of participants that ensures research integrity (estimated 2022).

    		  
     


    DOWNLOAD THE FAQ.

     

    		  
     

    Pricing

    Family Wealth Alliance Members: $6,000
    Non-Members: $10,000

    Price includes:

    • Ready-to-use online survey link featuring your logo and opportunities for customization
    • Customizable advisor and client communication templates
    • Complete access to your firm's raw data
    • User-friendly results dashboard for real-time monitoring of participant engagement
    • Topline summary with key takeaways and implications (4-6 weeks post-survey)
    • Voice of the Client in Family Wealth: Industry Benchmarking Report*

    * Delivery contingent on minimum participant thresholds

    		  
         


    Create your own user feedback survey

    Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading and support services of Charles Schwab & Co., Inc. (Schwab), member SIPC. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

    This is a sponsored feature developed by Family Wealth Alliance and supported by Charles Schwab. Family Wealth Alliance is not affiliated with The Charles Schwab Corporation. Family Wealth Alliance will share your information with Sponsor, Charles Schwab & Co., Inc. Schwab may use it to contact you and to send you additional insights from Schwab Advisor Services™. Read about privacy at Schwab at www.schwab.com/privacy.
     

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