Recently I spoke to an advisor still agitated after a client had pulled his account."What really annoyed me" the advisor said "is that just a couple of months ago I asked this client how he felt about his account and he said he understood that everybody was down and he was okay with it."

This advisor had made a common mistake. While he'd started off doing the the right thing by soliciting feedback, he had fallen down in the way he had asked.

There are two keys to getting feedback from clients. First, you need to ask for feedback on the right dimensions. And second ,, you have to ask in a way that really tells you how they feel.

What you ask about

There is certainly some value in asking clients how they feel about the recent performance of their portfolios - this is obviously an important issue. By asking how they feel about the performance of their portfolio, you're able to bring issues to the surface you were unaware of and you might be able to provide additional context and perspective.

Ultimately, however, recent performance is beyond your control - far better to then move on and also ask about something that you can actually influence, such as the advice you're providing today or the communication clients have received.

How you ask

The next step is asking in a way that gives you an accurate reading.

The problem is that most people are polite, don't want to hurt your feelings and want to avoid conflict. Asking clients if you've done a good job of communicating over the past will often get you a "sure", a response that's not all that helpful in getting a sense of where you really stand and may in fact mask real unhappiness.

Similarly, asking clients after a meeting how they feel about portfolios that have been repositioned will often get you a "fine", again not terribly edifying.

Consider instead asking clients to give you a report card from 1 to 10. At the conclusion of a meeting (or if that's not possible, a phone call), one way to do this is to say: "I wonder if I could take a minute to get some feedback on the communication you've received from me over the past while. How would you rate the contact you've got from me on a scale from 1 to 10, where 1 is low and 10 is high?"

Or after you've met to revise a client's portfolio, say "Now that we've made these changes, how comfortable do you feel with your portfolio on a scale from 1 to 10, with 1 being low and 10 being high."

Few clients will give you a score that they see as a failing grade, but some who feel a little uncertain might give you a 5, 6 or 7, thinking that's an acceptable score that won't hurt your feelings. In reality, if the response is 7 or below, clients are telling you they're not all that happy. You need to follow up with by learning more.

So you could say "Tell me, what aspects of your portfolio still leave you uncomfortable?" or " What kind of changes would you like to see to the communication you get from me over the next while?"

If, on the other hand, you get an 8, 9 or 10, then you can move on with the confidence that you are in fairly good shape with this client.

Even if you get a great score, consider one final question that can yield eye-opening results.

That question: "What one thing could I do in the period ahead to improve your experience working with me and my team?" Having asked that question, sit back and allow the client to fill the silence that follows - you might be surprised by what you hear.

One final note. Not every client is consistent and rational. Just because someone has given you a grade of 8 or 9 doesn't mean a friend won't tell them about an advisor who moved them to cash early last year and they won't switch accounts.

Those kinds of events are beyond our control. What we need to focus on are the things we can influence - such as asking clients for feedback on the right dimensions and in a way that gets them to tell us how they really feel.