Client satisfaction dips in September

Clients are reportedly less satisfied with the quality of their financial adviser than in previous months, according to a new survey by fund manager Lifeplan.

 

The survey – which canvassed 407 financial advice clients – found satisfaction levels decreased by 0.27 per cent since the last survey in April 2014.

 However, head of Lifeplan Matt Walsh said the stock market also faced a downturn in the same period, which may have impacted results.

“Traditionally, client satisfaction has closely followed the performance of the share market, and this survey is no exception,” Mr Walsh said.

“However it is heartening that the decrease was very slight, compared to a significant dip in the S&P/ASX 200, suggesting that clients are less affected by market performance than in the past.”

Moreover, client satisfaction levels are up on October 2013, with the data indicating a rise of 2.8 per cent, Lifeplan found.

The survey also revealed a generational divide in terms of what clients value most.

Clients under 30 prioritised wealth-building strategies and therefore saw the selection of fund managers and advice on regulations as most critical, according to Lifeplan.

Clients between 45 and 60, as well as the over 60s, were most interested in fees and charges, managing financial risk and getting advice on retirement plans.

Mr Walsh said this information highlighted the importance of tailoring advice to the client’s circumstances.

“This feedback could be very useful to financial advisers in helping clients prioritise their goals and build a strategy,” Mr Walsh said.

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