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Retail
& Investment
 Adding
Value to Advisor Service
In the mutual fund industry, recent
efforts to stimulate growth and loyalty have
often focused on providing added value to
advisors. To gauge the impact of these
efforts, we surveyed a targeted group of
advisors and gathered their views on how
effectively top fund companies provide
service to advisors that adds value.
Helping Advisors to Help Top Clients
Using methods akin to a therapeutic
interview, a select group of top mutual fund
clients were interviewed about their advisor
relationships. The aim was learning what
our client could do to help good advisors
improve their sales and service. The
in-depth personal discussions identified
what key investors wanted from their
advisors but didn’t get, as well as
identifying the ‘secrets’ they were
reluctant to share with their advisors. The
selection of clients for the interview was
based on an extensive analysis of
unitholders and their buying patterns based
on data drawn from several unitholder
databases.
Customer Views of Branch Service
One-third of customers that gave a bank a high rating for service quality
have real criticisms of the bank’s service. These are missed by the ratings.
Using specialized software for analyzing comments, we identified the real
story behind the numbers.
Attracting & Retaining Real Estate Agents
This study looked at the products,
services and incentives that would help a
franchise grow by recruiting and retaining
real estate brokers. To make the
strategy work, we also provided guidance on
how real estate brokers could attract and
retain agents without simply raising
commission payouts.
Most Adults not Getting Financial Info They Need
International and domestic financial literacy studies show that 60-75% of
adults can't deal with the kind of information that most financial
institutions provide. As well, financial institutions gear their advice and
marketing to people already interested in buying investments. The result is
that 30-40% of potential investors are lost at an earlier stage in their
decision-making when they try to decide whether to invest, spend or pay down
debt.
One-Stop Real Estate Shopping Holds Strong Appeal
One-stop real estate shopping envisages a market where new home buyers can
get all of the home-buying services they might need through their real
estate agency. Responses of some 1,000 consumers point to a market that is
keen on the convenience this offers and Century 21 is the real estate
company setting out to deliver this service.
Financial Literacy Program Gets into Gear
After a year of in-depth research with consumers and advisors, we completed
an Event-based Learning Guide for the Investor Education Fund -- an
affiliate of the Ontario Securities Commission. The Learning Guide follows
the decision-making path of consumers from a triggering event through the
initial tough decisions to taking action. At each step of the way, we have
recorded the questions that consumers want answered in their own words.
These have been formed into 94 learning modules, each with its own
objective. The Investor Education Fund is now translating this work into
learning packages for their website. Keep on eye on www.investored.ca next
year to see how the initiative develops.
What is the Value of Wealth Management Credentials?
What is the value of professional designations in the securities industry --
to employers, to designation holders and most of all to their clients? In an
era where consumers are increasingly demanding accreditation, what gives
them a sense of comfort about the advisor that serves them? These questions
and others are the focus of this work which looks at drivers of value for
professional designations and how well several wealth management
designations deliver this value. Ways of enhancing the value of wealth
management designations are explored.
Link to Overview of
Findings.
Information & Trust
A study of 500 consumers highlights the need for multi-channel learning
about financial matters. While many can be reached by the Internet,
newspapers and magazines are still a solid source of financial information
for the average consumer. Above all though, people remain the best way of
getting financial messages to most consumers. Regardless of the method,
finding information that can be trusted remains a key issue.
Selected Studies:
- Investment
- Retail Financial
-
Financial Planning & Wealth Management
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The Brondesbury Group, 144 Front St. West, Suite 650,
Toronto, Canada, M5J 1G2
Tel: 1.416.585.2414
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Fax: 1.416.979.9159
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email: info@brondesbury.com |
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