Planners failing to seek client feedback
Eight-five per cent of financial planning practices do not formally ask their clients for feedback, according to Business Health director Terry Bell.
The majority of planning practices fail to survey their clients for a number of reasons, Bell said.
Firstly, some advisers reckon they know what their clients think already, he said.
"The other one is 'Now's not the right time'. Given the global financial crisis and the [Future of Financial Advice reforms] they say: 'It's not right, I'm too busy'," he said.
There are other advisers who simply don't want to know what their clients think of them, said Bell.
"I think it's fair to say that only the better practices will go to the bother of doing it," he added.
The statistic was highlighted in a recent Association of Financial Advisers (AFA) white paper, which utilised the Business Health research.
"It almost defies belief that just 15 per cent of Australian practices have a structured approach to seeking client feedback," according to the white paper.
The failure of advisers in this area is even more surprising given the link between seeking client feedback and increased profits, said the AFA.
Recommended for you
With Sanlam Private Wealth coming under ASIC pressure regarding the number of responsible managers in its business, law firm Holley Nethercote explores what the role entails and how to stay on the right side of the law.
Insignia Financial has granted CC Capital access to select company information in the hope of securing an improved offer from the private equity firm.
Recruitment agency Robert Walters has revealed the expected salary ranges for Australian financial advisers in 2025, with one particular state seeing a decline.
As global PE firms scope out the Australian wealth management industry, Finura predicts which other local names may potentially receive a takeover offer this year.
