Podcast Summary: Managing Your Practice
Episode Title: Feedback as Fuel for Growth: Why Your Clients’ Point of View Matters Most
Date: October 25, 2024
Host: Kathryn Williams, Head of Practice Management, Dimensional Fund Advisors
Guest: Helen Stevens, Founder, Aspen Wealth Management
Episode Overview
This episode explores how gathering and acting on client feedback can drive business growth and enhance the client experience for advisory firms. Kathryn Williams and Helen Stevens discuss the importance of defining an ideal client profile, leveraging advisory councils, and intentional feedback mechanisms. The conversation highlights how evolving your approach to client engagement directly influences firm culture, business strategy, and referral generation.
Key Discussion Points & Insights
1. Defining and Evolving the Ideal Client Profile
[00:00–07:48]
- Initial Beliefs vs. Evolution: Helen Stevens reflected on starting Aspen Wealth Management with a focus on professional women and women in transition (widowhood, divorce), but the client base broadened to include their partners and couples.
- “Now I think we’re more of a firm for women and the men who love them and couples.”—Helen Stevens [03:42]
- The focus is not just on demographics (age, wealth) but also on behaviors and values—how clients show up, what drives them, and how well they align with the firm’s mission.
2. Identifying Fit Beyond Financials
[06:24–07:48]
- Stevens shared that their onboarding process asks potential clients, “What is important about money to you?” to assess value alignment.
- Giving herself and her team permission to turn away clients that aren’t a good fit, regardless of account size.
- “If we don’t feel like they’re a great value fit for us, we’re just not going to do. Doesn’t make your day joyful to get up and go to work every day to serve people that you just feel like you’re knocking your head against a wall.”—Helen Stevens [07:22]
3. Gathering and Acting on Client Feedback
[10:38–14:38]
- Two primary methods:
- Ongoing, personalized feedback after meetings (“What are we doing great? What can we do better?”).
- Formal annual investor surveys (benchmarking using Dimensional’s tools), which are discussed transparently with a client advisory council.
- A notable insight: Clients weren’t referring because they didn’t know Helen wanted new clients or what kind she was looking for.
- “One of my longest time clients actually said to me, Helen, I didn’t know you were looking for new clients.”—Helen Stevens [13:24]
- This prompted a change to explicitly communicate growth goals and ideal client profiles to clients.
4. Building a Feedback Culture and Referral Generation
[14:51–18:48]
- Feedback leads to referrals when clients understand the type of client you value.
- Intentional practice and role-modeling by senior advisors helps embed the culture of transparency and openness in the team.
- Referral discussions are made more natural by expressing appreciation for existing clients and inviting introductions in non-salesy ways.
- Educating clients on how to refer: one-pagers, informal get-togethers, and digital resources are helpful, especially for younger clients (HENRYs: High Earners Not Rich Yet) who are more likely to refer.
5. Using Digital Tools and Analytics to Attract and Understand Clients
[20:56–24:15]
- Advisory council helped Aspen Wealth clarify and publicly display client “personas” on the website, improving digital engagement and conversion rates.
- Heavy investment in SEO and digital presence was highlighted as key for attracting qualified clients.
- Using Google Analytics helps guide the type of content created and where energy is best spent, to match client interests and needs.
6. Frequency and Methods for Soliciting Feedback
[24:35–25:39]
- Formal survey once a year.
- Every client meeting ends with “What have we done well and how can we improve for you?” as part of a standardized agenda.
- Regular practice helps both clients and team members to be comfortable with feedback exchanges.
7. Adapting Client Experience for Different Demographics
[26:00–27:19]
- Content and communication tailored for different client segments (retirees vs. young professionals) based on feedback; challenge lies in meeting varying needs efficiently.
- Advisory council input is vital for understanding content and technology preferences.
8. Best Practices for Running Client Advisory Councils
[27:19–34:41]
- Aspen Wealth’s advisory council meets ~every 18 months, with 8–10 members (sometimes up to 12, with rotating membership).
- Diversity is intentional: long-term and new clients, different demographics for a range of perspectives.
- Meetings focus on strategic pain points and integrating dimensional survey results.
- Transparent follow-up is crucial: “You can have your say. You may not get your way.”—Helen Stevens [33:21]
- Advisory councils create champions: “They are our walking billboards and we are blessed by some great advocates for us.”—Helen Stevens [34:41]
9. Suggestions for Advisors Implementing Feedback Mechanisms
[35:56–37:04]
- Consider multiple, focused advisory councils (e.g., for business owners, HENRYs).
- Start by examining current client base for existing client “types” who are enjoyable to serve and account for revenue, service use, and psychographics.
- Use those clients both as council members and as templates for ideal future clients.
Notable Quotes & Memorable Moments
- “We are psychologists without a license... family therapists, all kinds of stuff. To get to that level of vulnerability is really what it’s all about.”—Helen Stevens [09:29]
- “Who doesn’t love to talk about themselves? Asking that question is very powerful.”—Helen Stevens [14:51]
- “I had to make myself practice this. But as a firm, I think it’s a part of our culture.”—Helen Stevens [16:11]
- “Even your existing clients, at times they want to see you out there and that’s how they’re engaging with you.”—Kathryn Williams [22:35]
- “If we’re getting a lot of hits on a certain kind of content, doesn’t it make sense that we should create more of that content?”—Helen Stevens [23:40]
- “You can have your say. You may not get your way.”—Helen Stevens [33:21]
- “They are our walking billboards and we are blessed by some great advocates for us.”—Helen Stevens [34:41]
Important Segment Timestamps
- [00:00–03:07] — Introduction and background on client profile evolution
- [06:24–07:48] — Defining a values-oriented ideal client and fit/feel factor
- [10:38–14:38] — Methods for gathering and using client feedback; client advisory panel insights
- [13:24–14:38] — Notable client insights leading to new growth communication strategy
- [20:56–24:15] — Digital engagement strategy and analytics-driven content creation
- [24:35–25:39] — Feedback cadence and agenda
- [27:19–34:41] — Advisory panel best practices, challenges, managing feedback, and advocate creation
- [35:56–37:04] — Expanding advisory panels and strategic client segmentation
Conclusion
Defining and evolving your ideal client profile, embracing a culture of feedback, and intentionally communicating your firm's growth ambitions and values are fundamental to sustainable growth and client satisfaction in a modern advisory practice. Helen Stevens’ experience at Aspen Wealth illustrates the power of regular, open client dialogue—both one-on-one and through councils—as vehicles for both business improvement and organic referral growth. The episode encourages advisors to use analytics, practice the feedback “muscle,” and get purposeful about client engagement at every level.
For more resources on implementing client advisory councils or building feedback programs, Dimensional Fund Advisors provides practice management tools and best practices.