Client satisfaction trumps sales
The quality of the larger financial planning sector will be improved by the major banks abolishing sale’s driven remuneration packages in favour of customer satisfaction feedback, according to accounting firm Chan & Naylor.
The accounting firm’s head of financial planning, David Hasib, said a move to eliminate the potential for unbiased advice in favour of quality based remuneration packages was overdue.
“The quality and delivery of advice is more important that product flogging to achieve a sales target,” he said.
Hasib said advisers owed it to their customers to identify the most suitable products based on individual circumstances irrespective of commission.
“It is imperative that financial advice is always based on service quality and customer satisfaction as the outcome will have such a high impression on the financial futures of the client,” he said.
Hasib said the qualitative findings that would result from customer satisfaction surveys and mystery shoppers would be used to improve the quality of the financial planning sector as a whole.
“These reforms should advance the overall customer perception of financial advisers irrespective of whether advice comes from a bank or an independent institution,” he said.
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