There is now a considerable difference between a professional services relationship which a lot of firms offer compared to the traditional financial services business
- Focus on Net Promoter scores for firms as large brands use it as a way of better understanding what their clients think
- On the stats given the question raised was around the MI and would it be different for advised clients v non advised clients
- The view was that detractors have often had a more transactional relationship with a firm based on investment returns
- There is now a considerable difference between a professional services relationship which a lot of firms offer compared to the traditional financial services business
- Understanding what the clients really value and not making assumptions based on what you think you know
- Not all clients initially want an ongoing service and some may initially want a transactional service. They want to experience what you have to offer first before making the commitment. How can firms facilitate this?
- Most firms did not have a formal referral process in place or indeed have referrals as part of their culture. How do you change this? SJP is a good example of a firm that makes it easy for clients to give referrals
- One firm quoted that surveys had become too predictable and had stopped doing them. An alternative approach would be client ‘boards’ to better help understand the clients
- Understanding your clients in a deeper way than you have done before is key
- Do you know who your net promoter clients are and what are you doing for them? If not what are you doing about it?
- There is more commonality from clients across other parts of the world regarding what they want from a financial services firm than we suspect.
Expert: Steven Greenfield - Dimensional Global Investors
Facilitator: Martyn Laverick – Soprano Consulting