According to a statement, independent research commissioned by the dealer group has found that Apogee-licensed practices returned an average Net Promoter Score (NPS) of 55.
The financial planning industry average NPS is 10, the statement said.
Apogee credits the result to the use of integrated advice, with the majority of its aligned firms providing mortgage broking and accounting services in addition to financial planning.
Apogee general manager Brendan Johnson said, “To succeed in the future, advice businesses will need to respond to changing client preferences.
“What clients are saying in this research is that they value their adviser and the advice relationship highly, but if their advice business does not currently provide advice on debt, tax and other areas, clients are asking for them to broaden the services they offer.”
Apogee said it is supporting advisers, who have traditionally offered a single service, to build the capability to provide advice on cash flow management, lending, financial planning, superannuation and wealth creation, as well as accounting and tax services.
“This is part of offering greater value to clients, and the NPS and loyalty data show that this is really helping to improve the experience of clients of Apogee-licensed firms,” Mr Johnson said.
“We have found that our licensee firms value being part of a professional advice network that is focused on the client experience and they also value sharing their insights with their peers.”
whistler maybe we should be just simply encouraging and congratulating businesses and their respective dealer groups that support and drive their practices to better understand the client experience they are providing rather than finding fault, sometime no pleasing everybody !!
You need to be careful how you interpret NPS. And also for its appropriateness for financial services – it might be good for a car dealership but a financial services professional?. I’ve worked a lot with it and honestly its more a tool to put a KPI in a manager’s variable income than a helpful tool. That aside what is Apogee really saying? Anything new? Not really and I have to ask how many advisers have they had ( do have) who only offer a single service? They still have them in 2016? Isn’t this one of the core problems with our industry developing into a future-proof profession? Let’s acknowledge the really good advisers out there, and there are many, because they are very good but we still have a proliferation of single product advisers, licensees recruiting exisiting advisers with “special deals” which most often rely on platform switches and in-house product sales and advisers locked into revenue models ( still promoted by some licensees ) that rely on a multiple of 2 or 3 times product ongoing revenue. As usual its the poor good advisers who will continue to suffer until some of these licensee ( and their manufacturer parents ) take a hit to their historical gravy trains and the old fashion success measure of number of advisers.