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22 November 2022

Do you know what clients think about the service you provide?

Too often advisers respond to this question by citing their zero complaints with pride. However, a lack of complaints doesn’t necessarily mean that clients are completely satisfied. In actual fact, they might consider your service average or overpriced, but apathy or a lack of knowledge is preventing them from taking action.

Consumer Duty is demanding advisers change their ways. The new regulations expect you to place the client experience at the heart of your business and the best way to achieve this, is to use feedback to measure and monitor your products and processes against the requirements.

Improving industry expectations

A few weeks ago, the FCA reported that its 2020 Evaluation Review found 56% of people obtaining regulated advice were satisfied with the service they received. Yes, that is more than half of those surveyed, but only just.

The regulator concluded that as a profession, we still have work to do. It wants to see this satisfaction rating improve, although it recognises there are specific problem areas, such as pension transfers, pegging the statistics back.

Consumer Duty states you must ‘act to deliver good outcomes for customers.’ So, what are good outcomes? How do you know if your client thinks you have met or better yet, exceeded their expectations? The answer? Ask for feedback.

Elevating the client experience

“But I don’t have time for all this additional paperwork” we hear you cry!

We know that Consumer Duty is increasing the administrative burden for small and medium-sized businesses and as a firm, we are trying to help you meet your requirements without having to invest significant hours or money in the solution.

One such solution is a new off-the-shelf software product brought to you by VouchedFor. Elevation has been built on cross-industry analysis, with Consumer Duty in mind. It offers a brilliant level of customer feedback and will also measure prospects, so you can monitor your conversion rates.

Subscribers receive a bespoke report that plots your progress against the four Consumer Duty outcomes. It enables you to understand what you are doing well, compared to the industry standard and identifies areas that are falling short, so you can address them promptly and take appropriate action.

The adviser-level data it offers is designed to help firms target training and grow their business by monitoring and assessing the value of their products and services and we believe it is one of the most efficient and cost-effective ways you can meet your duties to clients.

We know of firms using VouchedFor that don’t do any other marketing – they don’t need to – because the quality of the data they receive allows them to convert plenty of leads.

It is important to point out we are not being paid to promote Elevation. We have simply done our due diligence and believe the product to be beneficial in this changing regulatory landscape.

Access to this system usually costs £40 per adviser per month, however, we have managed to negotiate a 25% discount for our clients.

If you would like to talk further about the Consumer Duty requirements or the Elevation platform, particularly in relation to the client experience, don’t hesitate to contact us on (0161) 521 8641 or email: info@b-compliant.co.uk

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