To succeed in an intensifying competitive environment, financial service providers must look beyond product satisfaction and focusing on building a more "complete client experience" that prioritizes advice and service - CEB.
Although respondents reported strong satisfaction with financial products (+34 per cent net rating) and continued comfort with their personal financial situations (+27 per cent net rating), they expressed a decidedly negative view (-16 per cent net rating) when it comes to confidence in their providers.
Aykens linked this to the fact that many investors were exposed to product and provider opacity in the lead-up to the financial crisis.
“They oftentimes didn’t know exactly where their money was invested (complex structured products for example) or who actually managed it,” he said. “Rather, they tended to trust their advisors and provider brands.”
The steady stream of negative headlines attributed to financial providers since the crisis (LIBOR and FOREX price manipulation, weak stress tests, settlements for product mis-selling, for example), therefore appears to have kept high net worth clients more aware and wary of provider activities, Aykens said.
“This has translated into a slowly improving but still stubbornly negative view of providers despite clients' overall gains in personal finances,” he added.