In Practice July 7, 2014

Investors Want Responsive and Transparent Advisers

Ninety percent of investors say being able to resolve problems and answer questions quickly are critical characteristics of consumer-focused financial advisers, according to a John Hancock survey.
Reported by

Investors polled for the second quarter 2014 edition the John Hancock Investor Sentiment Survey said only about four in 10 (38%) financial services companies deliver both speedy problem solving and high levels of responsiveness to client questions. The same sample of investors said that overall, about 49% of companies are genuinely consumer-focused—i.e., able to deliver features like individualized client servicing and 24/7 support.  

“Consumers consistently express the desire for companies to focus on their needs, yet the perception is low that companies actually accomplish this,” explains Oscar Gonzalez, a John Hancock economist. “This disconnect is something that all companies concerned about the health of their businesses should monitor.”

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

A vast majority of investors (87%) also said transparency in fees and expenses (87%), as well as the presence of customer services representatives who are friendly and knowledgeable (84%), are very important in defining a financial services company as consumer-focused. Next in order of importance in are the availability of easy-to-read and accurate statements/bills and the client’s ability to reach a live representative easily, each at 81%.

Other investors say consumer-focused financial services companies must make investment materials available in simpler language (76%) and grant clients access to a user-friendly digital tools and websites (70%). When asked to rank other major attributes of a consumer-focused financial services company, investors also noted the following:

  • Offers creative solutions to problems (62%);
  • Offers the ability to do business online (58%);
  • Makes regular, in-person meetings with representatives and advisers available (49%);
  • Maintains nearby physical office locations (38%); and
  • Offers online or call center help around the clock (44%).

John Hancock’s Investor Sentiment Survey is a quarterly poll of affluent investors. A total of 1,107 investors were surveyed from May 12 to May 23. To qualify, respondents were required to participate at least to some extent in their household’s financial decision-making process, have a household income of at least $75,000, and assets of $100,000 or more.

More information is available at www.johnhancock.com.

«