Personal relationships with trusted advisers are the most valued aspect of personal financial advice for consumers. As a result, existing clients are the best source of new business for advisers, according to new research from Aviva.
The importance of client loyalty and the ongoing customer relationship were revealed in an Aviva / YouGov survey of 228 financial planning professionals, published this week.
Of those advisers surveyed, 85% said that word of mouth and referrals from satisfied clients were their best source of new business, and almost half (47%) said they also expected increasing revenues due to future work on a financial plan for existing clients.
The priorities for advisers in providing financial planning advice were good customer service (77%), competitive products (68%), rapid query and information turnaround (58%), and face to face contact.
“Putting the customer first has long been seen as the key to a profitable business, and our research shows that this is still the case. Financial advisers expect the majority of their new business to come through existing customers in the coming months, either directly or through referrals,” said Simon Badley, director of intermediary business at Aviva.
The key to success in offering financial advice was the ability of advisers to forge long-term relationships with clients, as well as the in depth knowledge gained in the course of financial planning for the client, their family and their business. The core value to customers was the comfort of knowing that the adviser was still around to take responsibility for financial advice given in the past, and to ensure that their financial planning advice remained relevant to the client’s needs.
