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How Am I Doing? New Benchmark For Wealth Managers Offers A Start

Jackie Bennion, Deputy Editor, 22 January 2020

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In a constant refinement to nail down what clients want and anticipate their future needs, data can be golden. A consultancy firm is laying down a marker in that respect, hoping to bring real change to the sector.

The scores....

2019 UK Syndicated CX Benchmark: KPIs

Net promoter score – standard metric used across multiple industries to measure client loyalty and propensity to refer the firm – can range from -100 per cent to +100 per cent
* 46 per cent
Aon suggests that 46 per cent is good, with some firms having scored higher than this; but adds that it is important to look behind the overall score to the promoters, neutrals and detractors to see how they influence the overall score.

Relationship manager satisfaction – satisfaction with their relationship manager/private banker/primary point of contact and scored out of 10.
* 8.87
RM is almost always higher than overall satisfaction and often climbs to the low nines at individual firms, the survey showed.

Overall client satisfaction – a client’s overall satisfaction with the firm, products and services they receive. This area scored high at 8.54 but rarely climbs above 9, Aon found.
* 8.54

Client outcomes – the extent to which a firm’s products and services deliver favourable outcomes for a client, being in line with risk tolerance, meeting individual goals and needs, and offering good value for money.
* 94 per cent
While risk tolerance, goals and needs always score high when broken out, markedly lower scores were seen when it came to value for money.

Brand value score – the extent to which clients consider a brand trustworthy, transparent, sensitive to client needs, forward thinking, innovative and exciting.
* 64 per cent
The benchmark found that firms typically score high on the first three criteria and drop off markedly when it comes to being forward thinking and innovative.

Share of wallet – the amount of a client’s investable assets held with their wealth manager.
* 54 per cent
This score tends to trend higher as clients get older and consolidate assets with their preferred advisor but drops off somewhat for wealthier clients who are more likely to have multiple providers. It differs by segment across firms and is a good indicator of a client’s ability to bring in further assets, research found.

So where from here?
“We hope the benchmark itself – the questions that were asked – enable people to expand so that we can bring in more of the diagnostic questions to help firms understand not just what score they have but why they have got that score and how they can then influence it,” Burkart said.

A roundtable is taking place towards the end of January, at which Aon is inviting over 50 firms to give high-level feedback on how the benchmark is going to progress for 2020.

Burkart is optimistic that more participation will help bring the sector more in line with industries which arrived rather earlier to the data party. “It is great because as soon as firms see the results, they want to know more and more, and that’s exciting.”

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