Specifically, advisors may want to consider cost, training time, and data capacity. Smaller firms may need programs that have reduced training time (or advanced customer service options) and produce data that is easily analyzed. Larger firms may be able to dedicate more staff time to developing in-house experts or producing data that can be more finely sifted.
Optimally, an engagement survey should create a feedback cycle. A survey should create plans and approaches to generate client feedback in the planning and implementation. That feedback then creates a new survey which then drives changes to the plan or approach. Even small companies should have a way to monitor engagement, whether it is an indirect survey or an informal check-in at a scheduled or regular time.
However, reality is often a different story. For users in the financial services sector, the options for client surveys are clunky, costly, chaotic, or confusing. Numerous survey options weren’t created with relationship-based clients in mind; instead, they focus on goods sold. Several options have so many bells and whistles that the data produced is chaotic. Yet client surveys are an excellent way to maintain client contact, continue to develop products and services that meet the needs of your clients and help grow your business. When it comes to online survey companies, advisors may find that the aspects that drive the popularity of some programs can make them inappropriate for their business.
In general, financial advisors need a survey program that allows for easy customization, has high security controls for personally identifiable information (PII), and allows for prepopulated fields (supplying names or similar data). Specifically, advisors may want to consider cost, training time, and data capacity. Smaller firms may need programs that have reduced training time (or advanced customer service options) and produce data that is easily analyzed. Larger firms may be able to dedicate more staff time to developing in-house experts or producing data that can be more finely sifted.
Marketing experts recommend that advisors create surveys that can be completed with a maximum amount of ease on the client’s end. That means user experience should be as easy as possible. Instead of merely rating happiness with advisor offerings, consider gathering data about future offerings or skill building workshops. And, wherever possible, that user experience should be designed to conform with the business’s brand. Advisors should also allow for suggestions from clients and include scaling in their responses (requesting feedback on a 1 to 7 or 1 to 10 range). They also suggest sending shorter surveys on a variety of topics, such as potential products, or perceived value, over time, rather than having many details in one single survey. Finally, advisors should promote their surveys through more than a single channel (such as email).
The three most popular survey companies used by businesses today are Survey Monkey, Qualtrics, and Google Forms. We researched customer feedback about these customer survey programs to assess the qualities above (customization, security or privacy controls, and pre-population) as well as specifics on survey needs (frequent surveys, accessible by multiple channels, with a high degree of ease). We also gathered intel on cost, learning curve, visual or user experience, and customization. Here are our results.
SurveyMonkey: Customers ranked SurveyMonkey high on ease of use for the client and for many users, the free version worked well. They also appreciated the multi-channel distribution options. Data analysis was often a plus for a lot of users. However, as to design and customization, customers thought the graphics were outdated and inflexible. Customers often noted that they struggled to build the survey and sometimes lost work due to glitches. SurveyMonkey can meet GDPR and HIPAA privacy standards, which are often used as a yardstick for protecting PII in financial industries. It may be that the templates that allow for those privacy concerns are not included with free models. Advisors should explore costs and pricing on those specific issues in depth.
Qualtrics: Is best known for its excellent customization and end-user ease of use. However, customers found the cost to been high, the learning curve to use it too steep, and the backend use not intuitive. Several customers said there were possibly too many options for their business. Qualtrics has built-in options for protecting sensitive client information, including PII, and can operate with a compliance layer of programming on its forms. These may increase costs depending on the package purchased.
Google Forms: As with SurveyMonkey, Google Forms have free and advanced versions. Many customers thought the free version was easy, but had limited customization and analytics options. For example, the colors of the form can be customized, but otherwise no other branding can be done. The data analysis it provides is limited, however the free version does provide unlimited data. Google Forms is not compliant with HIPAA and therefore should not be used for discussing client specific data as it may not comply with PII requirements for financial services.
In addition to Survey Monkey, Qualtrics, and Google Forms, advisors may want to consider three other popular but less well-known options, including Jotform, Survey Sparrow, and Medallia. After a review of Medallia, it’s clear that this survey option works well for businesses other than financial services ones. Many users complained of a lack of onboarding, including too few tutorials and a steep learning curve. They also noted the cost was beyond what mid-sized companies were considering. Several users found the data produced to be overwhelming. As to PII, the data produced can be masked and catalogued, thus ensuring compliance with GDPR it is also HIPAA compliant.
Customers who used Jotform for client surveys seemed to think the free version provided sufficient customizable templates. One noted an increase in conversion rates after implementing it. Customers said the templates design was not only attractive but also user friendly. Depending on the amount of data that needs to be stored, advisors may find this option to be sufficient for their needs. Jotform also prepopulates forms and is HIPAA compliant. Jotform easily integrates with CRM and other office tools such as Slack. Customers also thought the data analysis was helpful.
Similar to Jotform, customers liked Survey Sparrow’s low learning curve, ease of use, and customizable features. Some users noted that users felt that the interaction felt “more like a conversation that just answering questions” due to conditional logic in its programming, which may make it more appropriate for financial services companies with high touch relationship focused clients. Many customers noted they felt the cost of the product worked well for them. However, some users noted that integration with CRMs was occasionally bugging. Others thought that Survey Sparrow worked well in meeting the needs of multichannel survey distribution. They also thought that customizing the form was problematic, with notes on text field manipulation being problematic. Due, most likely, to the use of conditional logic, pages are slow to load, which may be frustrating to younger users. Others also noted data analysis and reporting to be suboptimal.
These articles are prepared for general purposes and are not intended to provide advice or encourage specific behavior. Before taking any action, Advisors and Plan Sponsors should consult with their compliance, finance and legal teams.
Before leaping into the unknown, we recommend a thorough examination of your plan. Because we are experts in the field, we know the marketplace and know what your existing vendor is capable of offering. Through this examination, we can help you optimize the service you receive.
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