Why Client Experience Matters More Than Ever
In an increasingly competitive wealth management landscape, the role of an advisor extends far beyond investment management. Today, high-net-worth clients expect a seamless, personalized experience that aligns with their evolving financial needs and preferences. The ability to measure, analyze, and act on client feedback is no longer optional—it’s a strategic imperative.
Experience measurement provides a data-driven framework for RIAs to enhance relationships, increase retention, and differentiate themselves in a crowded market. By integrating structured client feedback into your advisory model, you can refine your service offerings, build deeper trust, and drive long-term growth.
The Power of Experience Measurement
Traditional advisory approaches often rely on intuition and anecdotal feedback. However, a structured experience measurement strategy ensures that advisors capture both qualitative and quantitative insights, enabling more effective decision-making.
- Quantitative Data: Tools like Net Promoter Score® (NPS®), Client Satisfaction (CSAT) surveys, and Customer Effort Score (CES) provide clear benchmarks on service performance. They help identify areas where client expectations are met—or falling short.
- Qualitative Feedback: Client advisory boards and one-on-one “FeedForward” sessions offer forward-looking insights, helping advisors anticipate client needs and tailor their approach proactively.
Key Benefits for RIAs
Experience measurement offers a means to address the nuances of client expectations, preferences, and behavior, which are often difficult to capture through traditional client inquiry techniques. Those advisors that ask for feedback during a client meeting received 26% more assets from existing clients in 2023. [1] Conversely, more than one-third of consumers reduce or stop spending with an organization after a poor experience and organizations risk losing 7% of revenue due to poor experiences. [2] There are several key benefits that experience measurement can bring to wealth advisors:
1. Increased Client Retention and Growth
Retaining clients is the foundation of a successful RIA practice. Studies show that advisors who actively solicit and act on client feedback experience significantly higher asset growth from existing clients. When clients feel heard and valued, they are more likely to consolidate assets and deepen their relationship with their advisor.
2. Personalization at Scale
Clients expect an experience tailored to their unique financial goals. Experience measurement enables RIAs to refine service offerings by tracking preferences, risk tolerance, and major life transitions. This level of customization strengthens engagement and sets your firm apart from competitors offering a one-size-fits-all approach.
3. Identifying Service Gaps and Revenue Opportunities
Client feedback often reveals unmet needs—whether it’s estate planning, tax optimization, or philanthropy services. RIAs that leverage these insights can expand their offerings, creating new revenue streams while improving client satisfaction. Addressing service gaps also reduces the risk of losing clients to competitors who might better meet their expectations.
4. Data-Driven Decision Making
By consistently measuring client experience, RIAs can move beyond reactive client management and adopt a proactive approach. Analyzing trends in satisfaction scores, referral likelihood, and service pain points allows firms to refine strategies, optimize team performance, and implement technology solutions that improve efficiency.
5. Strengthening Referral Networks
Satisfied clients are your most powerful marketing asset. RIAs that integrate experience measurement into their referral strategy can identify their strongest advocates and leverage their positive feedback to attract new business. Research indicates that discussing referrals after a client satisfaction survey significantly increases the likelihood of receiving introductions.
Implementing an Effective Experience Measurement Program
To unlock the full potential of experience measurement, RIAs should adopt a structured approach:
- Define Clear Objectives: Establish specific goals, such as improving client retention, enhancing communication, or refining digital touchpoints.
- Select Relevant Metrics: Focus on key performance indicators (KPIs) that align with business goals. These may include NPS, CSAT, CES, and qualitative client interviews.
- Gather Feedback Strategically: Use multiple channels, including surveys, advisory boards, and one-on-one discussions, to collect both quantitative and qualitative insights.
- Analyze and Act on Data: Identify trends, prioritize key drivers of client satisfaction, and implement changes that have the highest impact.
- Close the Loop with Clients: Demonstrate that client feedback is valued by sharing updates on improvements made as a result of their input. This reinforces trust and strengthens long-term relationships.
The Future of Client-Centric RIAs
RIAs that embrace experience measurement as a core business strategy will gain a sustainable competitive advantage. By systematically gathering and acting on client feedback, advisors can create a truly client-centric practice that fosters loyalty, drives referrals, and accelerates growth.
Advisors who fail to prioritize the client experience risk losing relevance in an industry where expectations continue to evolve. Those who actively listen, adapt, and refine their approach will position themselves for long-term success.
Is your RIA ready to elevate the client experience? Start measuring, start adapting, and start leading. Reach out to Focus Partners Advisor Solutions for more insights on building an evidence-based experience.
Sources: [1]Schwab “2024 RIA Benchmarking Study”. 2Qualtrics XM Institute Q3 2023 Global Consumer Study.
This is for informational purposes only. The information provided does not purport to present a complete picture, but Focus Partners believes the information is representative of issues and needs facing some clients and why they may seek this service. Nor should it be construed as, specific investment, tax, or legal advice. Individuals should seek advice from their wealth advisor or other advisors before undertaking actions in response to the matters discussed. No client or prospective should assume the above information serves as the receipt of, or substitute for, personalized individual advice. This is prepared using third party sources considered to be reliable; however, accuracy or completeness cannot be guaranteed. The information provide will not be updated any time after the date of publication.
Services are offered through Focus Partners Advisor Solutions, LLC (“Advisor Solutions”), an SEC registered investment adviser. Registration with the SEC does not imply a certain level of skill or training and does not imply that the SEC has endorsed or approved the qualifications of Advisor Solutions or its representatives. Prior to January 2025, Advisor Solutions was named Buckingham Strategic Partners, LLC. Advisor Solutions has been part of the Focus Financial Partners partnership since 2007. RO-25-4303813
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