In over a decade of surveying investment advisory firms, J.D. Power has found there is one thing they can do to keep clients and employees happy: listen.

When they’re not heard, customers are likely to demand more in performance, and advisors, more in pay, to be pleased, said Craig Martin, director of financial services for the firm that has expanded its satisfaction surveys far beyond the auto industry.

The sweet spot for these customer relationships is where investors see an equal balance between themselves and advisors. They want a relationship built on building mutual confidence rather than a here’s-my-money-turn-it-into-more money-delegation of responsibility,” said Martin.

In this atmosphere of collaboration, he said clients are more accepting of less than stellar returns because advisors are reaching out to let them understand why particular investments of their money have been successful -- or not.

Collaboration is key, too, to a satisfied advisor workforce.

Advisors want to work for companies that genuinely listen to their concerns, rather than just pretend to, said the Power executive.

Years of survey have shown the most content advisors are those who are given the most time to work directly with clients with as little of the workday spent as possible on regulatory compliance and other administrative tasks, he noted.

While some ways to increase advisor happiness can cost, such as providing a dedicated or shared administrative staffer, other means of boosting morale do not, such as mentoring and a team oriented tone at the top.

“The most important thing for advisor satisfaction is firm performance, not financial performance: letting advisors know management has clear priorities and is doing what it takes to achieve them,” said Martin.