Three initiatives to develop a financial adviser’s business
By Mark Battersby, 1 Jun 16
In the first of a series of insights from financial advisers across the world, David Pugh, director of The Fry Group, Singapore, sets out three initiatives he is taking to build the business along best practice lines.
Client satisfaction – Net Promoter Score
A cornerstone of our strategy is our aim to delight our clients. Having a healthy base of satisfied clients enables us to develop long term relationships and encourages advocacy.
Far from just selling a product and moving on, we believe it’s important to actually know and understand what our clients think of us and the service we provide.
The Net Promoter Score system (NPS) is adopted to measure customer satisfaction and a company’s growth potential in a whole range of industries from telecoms to airlines to consumer goods but not so much in financial services which is very personal and relationship driven. Historically even the best advisers have fallen into the trap of assuming that if their clients are not happy they will know about it, only to find out too late that isn’t always the case.
Two years ago we decided that rather than go by the old ‘faith based’ approach to customer satisfaction we’d talk to clients using the Net promoter principle to get a real picture of how they viewed our services.
Clients are asked to complete a quick and simple online survey to grade their experience with us. Using this methodology allows us to come up with an overall net promoter score, which we use year on year to measure how we are doing.
We use this not only as an indicator of client satisfaction but also to identify where we are doing well along with the areas we can work on to improve.
Tags: Singapore | The Fry Group
