One of our top priorities is always making sure our clients are happy with the service they receive from us. Our client survey is a way of checking in to see what we’re doing well and what we could be doing better.
Firstly, a big thank you to everyone who took part. We received 120 responses this year from current clients which gives us a good sample.
Secondly, in the interests of being transparent and keeping an open channel of communication between us and you, we wanted to share the key findings from the survey. So here we go…
The split of Ralph’s clients (51%) and Bob’s clients (49%) was pretty even.
Which factor do clients consider to be most important in their relationship with us?
It’s great to see that you value our knowledge and experience above all else – we work hard on keeping that up-to-date. We also liked that providing peace of mind was the second most popular choice. We think that reflects the fact that you trust that we will do the right thing by you.
Other things that were mentioned included several people stating that all of the above were equally important, plus:
“Being a nice bloke”
“Building good relationships with clients”
“Relationship and trust”
“The feeling of trust that I have”
“A good rapport with Bob Barringer and a feeling of trustworthiness in your company”
So, trust and having a good relationship also seem to be very important.
How satisfied are you with our performance in the following areas?
Well, we feel pretty pleased with that result! There’s always room for improvement and we will be reviewing whether there are any measures we can put in place to speed up responses any more, but on the whole, you seem to think we’re doing a good job in these areas. Lovely to see the friendliness and approachability of our team getting recognition. We do try!
What are the most important areas of discussion at our regular review meetings?
We don’t think there were any surprises here, and these are all things that we currently cover in our regular review meetings.
We did also ask if there is anything else you’d like to see covered; this is what came up:
- The economic outlook for investment
- Proactive approach in responding to changing financial markets and a summary of what you are doing to review portfolios
- Provide simplified status of investments
- Regular projected overall pension i.e. how much will I have to live on?
- Strategic direction review.
We’ll be reviewing these suggestions and seeing if we can improve the approach of our regular review meetings to take some of these into account.
How do you measure the value you receive from your adviser?
We found this an interesting one, with trust far outweighing even the value of investments. Trust seems to be a recurring theme and we feel honoured that we are trusted by our clients.
For those who have not yet retired, what are your three biggest financial concerns?
|Not having enough money to live my preferred lifestyle in retirement||70.15%|
|My family’s financial security should anything happen to me||47.76%|
|Not having enough money to retire at my preferred retirement age||47.76%|
|The level of investment returns||40.30%|
|Passing on my wealth to younger generations||25.37%|
|Potential investment losses||20.90%|
|Being made redundant or my business going bust||5.97%|
|The cost of paying for my parents’ care in their later life||5.97%|
|The cost of my/our children’s education||4.48%|
|Not achieving other (except retirement) financial goals||2.99%|
For those who have already retired, what are your three biggest financial concerns?
|Not having enough money to live my preferred lifestyle in retirement||51.92%|
|The level of investment returns||48.08%|
|The cost of care in old age||44.23%|
|Passing on my wealth to younger generations without affecting my lifestyle||34.62%|
|Potential future investment losses||28.85%|
|The amount of Inheritance Tax which will be payable on my death||21.15%|
|Not being able to have a large enough financial legacy||17.31%|
|Not achieving other (except retirement) financial goals||11.54%|
This information is helpful for us to get a broad picture of our clients’ main concerns so we can make sure we focus in the right areas. Having said that, we understand that each individual will have their own concerns and, as such, our individualised advice is designed to address those.
Would you recommend Face to Face Finance to other people?
This is very heartening to hear. In fact, our follow up question revealed that 38% of respondents had recommended us to someone else in the past 12 months, and a further 34% had recommended us over 12 months ago – so thank you!
To the two people who would prefer not to say, we hope we can convince you!
Do you believe working with us has helped/will help you achieve your financial goals?
This is a critical point – and we’re pleased to see that 97.5% of current clients that responded do think we have/will help them achieve their financial goals.
What is the biggest single benefit you get from working with us?
As this was a free text answer, we have received a wide variety of responses. We have read them all, digested them all and appreciate you taking the time to share your thoughts with us. We won’t list them all here, but have picked a few to share…
- “Peace of mind” was mentioned 17 times
- “Trust” was mentioned 7 times
- “Confidence” was mentioned 6 times
- “Knowledge” was mentioned 4 times
- “Personal service” was mentioned 4 times
- “A better understanding of my financial situation and trust in my financial security”
- “A good return on investments” and “Active management of investments”
- “Feeling that my investments are in safe hands”
- “Financial affairs are in order and all in one place”
- “Good access to knowledge and experience that I could never have”
- “Help with dealing with particular problems in my family”
- “Knowing my funds are regularly reviewed and switched if needed”
- “Know that Ralph has my best interests in mind and is making my money work for me”
- “Not having to spend too much time organising my finances”
- “Regular updates and know if I wish to talk to my adviser of any problem I can call him and he will come and discuss it with me”
- “Seeing Ralph’s face when he eats all my custard creams”
- “Sound, honest advice and likeable people”
- “What I could call good old fashioned friendly service from a company I trust and believe knows its business”
- “You do everything for me so I can get on at work”
If there was one thing you could change about the service you receive(d) from us, what would it be?
This is a really critical question for us – we’re always looking for ways we can continue to improve our service. Here are some of the responses:
- A faster response to correspondence
- An app that shows a running total/value of all investments in one place
- Provide targeted communication at worrying times (e.g. Brexit) informing us about the situation and mainly telling us not to worry
- Automatic confirmation that emails are received
- Better returns!
- Better ways of monitoring the ethical stance of the funds I’ve invested in
- More regular face to face reviews
- Find a way to reduce paperwork
- A reduction in fees
- Having percentage increase and decrease figures in your portfolio reports
- I would like to be able to see my account. You gave me a chance recently but by the time I found your email the window had closed
- I would like to know how much the service is costing me in comparison to the gains
- Informal chat from time to time
- More details on portfolio financial strategy
- Online portfolio performance capability
- Simplify the online account information. All I need is initial investment and current progress. A line graph would suffice.
- Some more financial/investment info/news in the monthly newsletter
- The ability to digitally sign documents
- The secure messaging service used in the last 12 months is somewhat confusing
- When I come in for a review, I would like chocolate biscuits with coffee please!
There are a range of things for us to get our teeth into there. Some we can do something about, some areas are more limited, but we will do what we can, particularly in regards to the level of detail included in our reviews and how we can communicate more general updates on the financial climate.
If you have a suggestion as to how we can improve our service, you don’t need to wait until our next survey. We’re always happy to listen so please feel free to get in touch!
We asked clients if they would be willing to share a testimonial and we have been very humbled by the response. Thank you so much! We’ve added those we have permission to use on our testimonials page, so you can browse them at your leisure!
If you have any questions regarding any of the data you can see here, you can contact the team and we’ll do our very best to help you.