What impact do we have on our clients’ wellbeing?

Usually, client wellbeing is a thorn in our side. Yes, you read that correctly!

Not because we don’t care for, or try to increase the positive impact we have on our clients beyond their financial returns, but because it is notoriously hard to measure. This year, however, we became a member of the Initiative for Financial Wellbeing (IFW).

The IFW was set up in 2019 to help financial planning businesses measure and become better at improving the lives of their clients. We became a corporate member in 2022 and have a handful of our client-facing team undergoing training developed and delivered by the IFW. This is an 11-week course, focusing on both theoretical and practical knowledge around coaching skills, client motivations, understanding barriers, and having better client conversations.

On the theme of tracking our clients’ feedback, in June 2021 we sent a survey to all clients to gather some feedback on our service since the start of the pandemic. The results showed our average service rating from respondents was 4.7 out of 5. We are encouraged that our clients continue to give such positive feedback about our services. We also got an updated Net Promoter Sore in 2022 which saw us achieve 77.7, a score that falls into the ‘excellent’ band set out by Net Promoter and tells us that the vast majority of our clients would recommend us to others.

These are positive results, but we know we can do a lot better.

We have always aimed to deliver beyond financial returns through giving peace of mind, improving our clients’ overall wellbeing, and coaching our clients through their financial lives both in the good and bad times. It seems to be even more important that we focus on these areas as we ride the current wave of economic and social challenges.

We recently launched our latest impact report which talks about this in more detail, draws a line in the sand of where we are today, and sets some targets for our future. If you would like to know more about how we are continuing to strive for excellence and impacting our clients positively, click here to download your copy.

This article is distributed for educational purposes and should not be considered investment advice or a recommendation of any particular security, strategy, or investment product.