Darwin Wealth prides themselves in offering their clients personally tailored financial advice. The firm aims to ensure clients are delighted with the service they receive and by listening to and acting on client feedback they can make sure that their service is shaped around what people are asking for.
Darwin Wealth feels it is essential to gather feedback from clients rather than presuming anything. The business has recently conducted a client feedback survey and would like to share key findings from this review.
Motivation Behind the Research
The Financial Conduct Authority (FCA) has had major reforms over the past decade and its guidelines now include a “Treating Customers Fairly” clause. This initiative involves advisers requesting regular client feedback. Wanting to take this further, Darwin Wealth commissioned an in-depth questionnaire to find out exactly what their clients value and how they feel about their service.
Darwin Wealth was delighted with the response rate they received from their clients and have in turn thanked them for their time as their input helps to provide the best service possible.
Feedback showed that clients’ main aspirations are either financial or health related. These findings are very interesting because there is a mental and emotional connection between both issues. Usually, once your financial (basic) needs are met and particularly as you get older and health conditions come to the fore, these issues can often become a bigger concern. This has implications for financial planning in terms of long term care planning and even legacy planning.
Most of the feedback related to clients wanting to do things in their spare time and in the future that will require financial planning. For example, holidays, birthday parties and retirement were all mentioned. Darwin Wealth was delighted to hear these responses as they can help their clients achieve these goals through good financial planning and healthy investments.
Darwin Wealth asked their clients for 3 words that they feel make a good financial adviser. This information is of huge value to the business as their main priority is their clients’ satisfaction. The most popular suggestions within this section were honesty and trust. Darwin Wealth understands that trust is essential and has to be earned. Their business philosophy has always included this element and they pride themselves that this trait is evident in its team of advisers. Integrity and honesty are also crucial to Darwin’s business philosophy and having had the importance of these values confirmed they will continue prioritising them.
The questionnaire asked for clients’ views on the way in which information is presented to them. Interestingly none of the clients wanted fancy folders and most of the responses given were indicative that they value substance over style.
Communicating with Clients
The firm carries out regular reviews with clients and wanted to discover whether the clients felt the level of service they are receiving meets their expectations. The clients were all very happy with the review process and many preferred a face to face meeting. The business does understand that this process does not suit everyone and will continue embracing the digital age by offering Skype review meetings to clients who find this method more suitable. Darwin Wealth was happy to hear that clients know they can contact them easily when they have questions outside of their regular meetings.
Referring new Clients
Darwin Wealth recognises that when seeking a new financial adviser a personal recommendation is much more valuable than searching online. Knowing that a trusted friend trusts their adviser is precious. The questionnaire floated the idea of incentives to encourage referrals and was satisfied to learn that their clients would happily do so without any encouragement.
The questionnaire also asked for examples of receiving a service that has made them want to talk about it. The majority of the responses highlighted that good customer service is key.
Darwin Wealth places great value on their clients’ views, which they then harness to improve their service. Carrying out the survey is just the start and they will use the responses to shape their service with a view to building on a solid foundation, journeying with their clients towards a long and prosperous future.
If you would like to keep up-to-date with all of Darwin Wealth’s latest news and updates, you can follow them on Facebook. If you have any questions or queries surrounding your financial needs, please contact Darwin Wealth Management on 0333 023 7670; or drop an email to firstname.lastname@example.org.