Handle Customer Complaints and Maintain Client Retention

Thank your customer for complaining and mean it. Most will never bother to complain. They’ll just walk away. – Marilyn Suttle

Don't be an ostrich and put your head in the sand.

Client complaints are inevitable in any business and the financial sector is no different. As an accountant or financial adviser, your clients entrust you with their money and expect you to provide expert service.

However, sometimes things do not go according to plan, and clients may end up dissatisfied with the service provided. As such, it's vital to handle customer complaints effectively and quickly to avoid losing clients and tarnishing your reputation. Let's explore tips on how to handle customer complaints, keep your clients satisfied and to remain with your business.

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Listen attentively and don't take things personally: When a client complains, it's essential to listen to their complaints without interrupting them. Let the client air their grievances and express their frustration without taking any of it personally.

Do not argue with them or try to explain things immediately, or you risk losing their trust. Listening attentively to your client shows respect and lets them know that you are taking their complaint seriously.

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Apologise without admitting guilt: Apologising goes a long way towards diffusing a situation, even when you're not at fault. Saying sorry shows that you value them and that their complaint is important.

However, you must be careful not to admit guilt, especially if the issue could lead to legal ramifications. You can acknowledge the client's frustration and disappointment without admitting fault or liability. Even if the complaint is not your fault, it's essential to apologise to the client and take responsibility.

Document the complaint: Documenting customer complaints is essential for accounting professionals as it allows you to analyse and evaluate the issues that could potentially impact your business. Keep a record of all customer complaints, and include the date, the nature of the complaint, the resolution, and the name of the customer.

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Offer a solution to the problem: After you have listened to the client's complaint and apologised, try to offer a solution to their problem. Work with them to come up with a solution that satisfies their needs and addresses the issue at hand. Providing options shows that you are taking their complaint seriously and are committed to resolving the issue.

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Follow up and take corrective action: After offering a solution, follow up with the client to ensure they're happy with the resolution. It also helps to take corrective action to prevent the same problem from happening in the future. Taking corrective action shows that you are committed to improving your service and building a good relationship with your clients.

A problem is an opportuinity to streamline processes and prevent the issue

re-occurring. It could lead to improving your technology stack to save time however nothing replaces the personal touch.

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Train your staff: It's crucial to train your staff on how to handle client complaints adequately. The majority of staff will try and avoid the situation or worse still sit on the problem which only increases client dissatisfaction.

Ensure that everyone knows how to listen, apologise, offer solutions, and follow up. Your staff should know how to handle different types of complaints and how to escalate issues that cannot be resolved internally.

This may be an opportunity to create a policy and procedures manual and also improve staff retention and training of new staff.

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Customer complaints are inevitable in any business, including accounting firms. How you handle these complaints can make all the difference between losing a client or retaining them. Therefore, it's crucial for accounting professionals to know how to handle customer complaints effectively.

In the financial sector, handling customer complaints effectively is essential. Clients entrust you with their money and expect excellent service, and anything less could result in them leaving and damaging your reputation. However, by listening attentively, apologising, offering solutions, following up, and taking corrective action, you can handle complaints effectively and keep your clients happy.

Training your staff can also help ensure that they handle complaints adequately. Remember, a satisfied customer is likely to refer you to their networks and become a loyal customer.

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