Keeping Clients Happy the Wonder Car Way

Vessenes, Katherine
June 1996
Journal of Financial Planning;Jun96, Vol. 9 Issue 3, p18
Academic Journal
This article focuses on the client satisfaction system used by the salesmen of the German car manufacturer Bayerische Motoren Werke AG. According to this system, first of all one should try to find out what's important to clients. The author's research shows that clients are less interested in performance results than they are in trusting their planner's ethics. Investors are begging for someone they can trust. Next would be to develop a client satisfaction index. Using the information one has learnt to build a simple client satisfaction index. Its important to set the ground rules in the beginning and to bring the client satisfaction survey out at the beginning of each relationship and at annual reviews. It's better to tell the client that one will not be happy unless they are completely satisfied, and get a commitment from them that they will communicate any dissatisfaction to you first. Act on the feedback. Most clients will be thrilled that salesmen are taking the time to address their needs. Document your files. If the client is satisfied, it must be documented in the file. In the unlikely event you are sued, records showing how hard you worked to keep a client happy will go a long way toward winning your case.


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