8 June 2006
Speaking today at the PIMS 2006 conference aboard the Oriana, David Thompson, director of distribution, Winterthur Life, said excellent communication, understanding client needs and an honest approach were the three key adviser attributes cited by wealthy clients in a recent Winterthur survey¹. And good news for advisers is the survey says they are now scoring strong marks overall in these areas.
Pointing to results from the survey David Thompson said, “Communication, knowing the client and trust appear to be the main drivers of client satisfaction. Reassuringly for advisers, over three quarters of wealthy clients were ‘very satisfied’ that their adviser understood their needs and had an honest approach, while 56% were ‘very satisfied’ that advisers were keeping them up-to-date. While the latter is still a good score it does suggest that there is room for improved communications to clients. Indeed, clients would welcome it.”
Building on this finding Thompson outlined the importance of advisers researching their clients’ needs, with a view to addressing any areas of weakness or better meeting customer requirements. In particular he cited a new research facility that can provide adviser practices with essential data taken from customer feedback to help tailor their business offering closer to client needs². The facility he explained is aimed at firms operating in or seeking to penetrate the wealth market, where clients tend to demand more.
“When asked about the overall service they receive from their adviser, 69% of those interviewed in the survey were ‘very satisfied’, with 28% ‘fairly satisfied’. Furthermore 84% indicated that they would be ‘very likely’ and 12% ‘fairly likely’ to recommend their adviser to a friend,” says Thompson.
“Clients now have more sophisticated investment requirements and an increased awareness of the opportunities available to them. Also, with areas like inheritance tax affecting long term savings and the legislative changes in April this year, sound independent financial advice has never been so important.
Thompson said the results demonstrated that clients selected their adviser either via personal recommendation from a friend/acquaintance, professional referral or previous association, which underlines the importance of maintaining strong relationships with clients.
Some 36% of respondents claim to actively research the market, and half indicate that they make their own investment decisions. Over half of the clients also use accountants and solicitors which highlights the importance of developing good professional connections, Thompson said.
Thompson concluded, “Successful adviser practices require satisfied customers. High quality customer service and communication is important for any business but critical in the financial services arena where competition and client expectations are continually evolving. The advisers’ understanding of the requirements of their target market is key. This is highly relevant to the future of independent advice in the new depolarised world.”
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For further information:
Paul Riddell Winterthur Life, Press Office +44 (0)1256 798099
Sandra Fulton Winterthur Life, Press Office +44 (0)1256 798310
Christine Wood Financial Dynamics +44 (0) 20 7269 7253
Notes to Editors
¹ Winterthur research
Research was conducted amongst 175 high net worth clients of advisers, and was designed to establish the most important expectations from the client perspective. As a result 16 core expectations were identified and importance levels attached to each of those. Over 40% of respondents cited ‘Kept well informed and up-to-date’, ‘understanding client requirements’ and ‘honesty’ as the most important, with 30% saying ‘clear explanations’ and 25% citing ‘respond quickly to queries’ and ‘friendliness’. For further information on the survey contact the press office on 01256 798099.
² Professional Edge Client Research Service
The Winterthur client research service, part of its Professional Edge range of services, will help advisers identify where their strengths and weaknesses lie, and aid them in building a business that attracts more affluent individuals and evolves to continue to meet their changing needs. Interested advisers should contact the Winterthur Life Adviser Support Team on 0845 129 9993 for more information.
About Winterthur Life UK Limited
Winterthur Life UK Limited is part of Winterthur Group, a leading Swiss insurance company with its international headquarters in Winterthur, Switzerland.
Winterthur Life UK offers pensions and investments for high net worth clients distributed via top tier IFAs and is renowned for its innovative approach to financial products. Its philosophy of transparent product propositions offers advisers a range of retirement and investment solutions with an open charging structure.
Winterthur Life UK is one of the UK’s top 10 providers of single premium personal pensions, trustee investment plans and corporate pensions via IFAs and a leading provider of self-investment retirement plans like Self Invested Personal Pensions (“Sipps”).
Any opinions expressed in this media communication are made as at the date of publication but are subject to change without notice. Past performance is not a guide to the future. The value of shares/units and the income from them can go down as well as up. Exchange rate fluctuations may cause the value of underlying investments to fall as well as rise. Yields are not guaranteed and may fall or rise.
Winterthur Life UK Limited is authorised and regulated by the Financial Services Authority.
www.winterthur-ifa.co.uk
Winterthur Group
Winterthur Group is a leading Swiss insurance company with head office in Winterthur. As an international company, the Group provides a broad range of personal, property and casualty insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 19,000 employees worldwide. The company achieved a total business volume of CHF 28.3 billion in 2005 and reported assets under management of CHF 153.3 billion as of December 31, 2005.
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