Client Service

Are clients happy with the service they’ve received from their adviser during the pandemic?

Advised client satisfaction remains high

Face to face advice is a business founded on trust, relationships and personal contact. A good financial adviser serves as both counsel and confidant, and client relationships go far beyond the purely transactional.

The investment advisers make in developing trust is something we consistently see reflected in our research. Advised clients have historically been resoundingly positive about the service they get.

So when we carried out the research for our 2021 Advice Report, we wanted to know how those client relationships had fared during the pandemic.

Are clients still happy paying for ‘Full Fat’ advice, even though the service is being delivered over Zoom?

What we found was that 90% of advised clients reported they were satisfied with the service they’d received over the last 12 months. It is a remarkably high customer satisfaction rating and the findings are testimony to an industry that appears to have adapted remarkably well to delivering advice over phone and video.


 

This is a stamp of approval for the durability of the industry. Advisers are clearly doing something right.

But it also poses a number of questions for the industry. Could and should advisers make some of their Covid fixes and permanent feature of the way they do business?

Reducing time spent on the road and cutting the need for meeting spaces could reduce overheads and give advisers back some valuable time.

Efficiency gains may not be the only upside either. Video could provide a convenient way to get beneficiaries around the same virtual table to talk about intergenerational wealth planning - handy for families where children and grandchildren have moved to different parts of the UK, or who work abroad, hampering the logistics of face to face. 

If you’re thinking about these questions and how the lasting effects of the pandemic might shape the way the advice industry operates, get in touch with us through research@boringmoney.co.uk.

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