Fourth Annual Client Survey Results (2012)Submitted by Grunden Financial Advisory, Inc on October 11th, 2012
Here are the tabulated results of our Fourth Annual Client Survey. Thank you for your business and thank you for your feedback on the survey, if you were able to complete it. Our client base totals 111 and our response rate was 38% (average response rate for the typical survey is 40%).
The typical demographics of a survey respondent:
- 66-73 age bracket.
- Estimated average amount of investable assets of respondent: $1.3 million.
- Percent of respondents who retain Grunden to manage a majority of their assets: 88%.
- 17% have been clients 3 years or less; 48% have been clients between four and ten years; 35% have been clients 10+ years.
We broke the survey down into five main categories and modified some of the questions from the previous years while trying to keep the basic structure in place so we can continue to benchmark from previous years. Questions in each category were weighted equally then we tabulated the responses to determine how many respondents, as a percentage, gave Grunden Financial Advisory a favorable score of 4 or 5 (5 = very satisfied; 1= very dissatisfied). Below are the categories and how many respondents assessed Grunden’s performance positively:
- Overall Satisfaction: 96% (99% in ’11 and 100% in ‘10)
- Advisor Service Satisfaction: 98% (99% in ’11 and 98% in ‘10)
- Investments: 90% (91% in ’11 and 98% in ‘10)
- Communication: 95% (95% in ’11 and 84% in ‘10)
- Service Satisfaction: 95% (new question)
Below reports on the same five categories, however this time we’re only tabulating how many respondents gave us a 5 (the highest possible rating). This allows us to dig further and find out how many respondents are completely and totally satisfied in the following categories:
- Overall Satisfaction: 88% (88% in ’11 and 88% in ‘10)
- Advisor Service Satisfaction: 95% (90% in ’11 and 86% in ‘10)
- Investments: 60% (69% in ’11 and 71% in ‘10)
- Communication: 85% (86% in ’11 and 75% in ‘10)
- Service Satisfaction: 85% (new question)
Some of the most valuable feedback was found in the comment section. Compliance regulations limit the type of comments we can include (cannot publish comments about your personal experience here); however, we can publish those with substance in practice management. Below is a small excerpt of those comments and suggestions:
- More targeted discussions on specific topics during reviews.
- It would be really encouraging to receive an email discussing big events. For example, after the Presidential election, it would be nice to hear an abbreviated analysis of what Grunden thinks could happen to the market. It would be nice to hear the options I have and the opinion of Grunden.
- The firm needs to develop alternative strategies to ""protect"" invested funds if the market is in a downward spiral.
- Tailor communications/content to relevant life stages.
One question asked was if you thought the market would be higher in one year.
- In 2010, 83% said yes, the actual result was: +1.14%.
- In 2011, 49% said yes, the actual result was: +30% .
- This year, 51% said yes the market will be higher this time next year.
We look forward to further reviewing the results in an effort to serve you better. If you have any specific questions or would like more details on the survey, please let us know.