WHAT OUR CLIENTS SAY

Midsec commissioned Business Health Pty Ltd to conduct an independent client survey on our behalf. The survey asks nine specific questions while gathering a range of qualitative data from clients such as willingness to refer and future intentions (do clients intend to stay with our practice or leave). The report provides an honest appraisal of how our business is performing as seen through the eyes of our clients. The report benchmarks our nine KPI areas against their overall data base (40,000+ clients).

Business Health was established in 2000 and has been assessing client satisfaction in the financial services industry for over fifteen years.

While the responses were overwhelmingly positive we also valued negative comments and suggestions and have undertaken changes to our processes to address the issues raised.

Summary of Results

The following chart shows the results from our clients' responses. The results are scored out of five and we are pleased to note that our clients rated us well above the industry average on every measure.

What our clients say about:

Understanding
Business Relationship
Financial Knowledge
Range of Financial Services
Implementation of Solutions
Professionalism of Business Practice
Standard of Support Staff
Financial Review Process
Communication
General Comments

Understanding

How well do you believe your Adviser understands your personal financial needs?

Report Summary: "Your average score was 4.63, which was .37 more than the benchmark average of 4.26. This score placed you in the 75-100% quartile of businesses benchmarked with 98% of your clients allocating scores of 4 or 5."

Client Comments:

Business Relationship

How comfortable do you feel talking about your financial needs? What is the level of trust between yourself and your Adviser?

Report Summary: "This was your highest scoring KPI. The average score was 4.76, which was .31 more than the benchmark average of 4.45. This score placed you in the 75-100% quartile of businesses benchmarked and 98% of your clients allocated scores of 4 or 5."

Client Comments:

Financial Knowledge

What level of technical knowledge do you believe your Adviser has in relation to your financial needs? This includes the knowledge contained within the practice, and its network of associates.

Report Summary: "This was your second highest scoring KPI. The average score was 4.70, which was .38 more than the benchmark average of 4.32. This score placed you in the 75-100% quartile of businesses benchmarked and 95% of your clients allocated scores of 4 or 5. It was especially pleasing to see top quartile averages allocated by your high income earners and self employed clients - both these groups can have complex situations that require advanced technical/financial planning expertise."

Client Comments:

Range of Financial Services

How well do you think the range of products and services your Adviser offers matches your needs?

Report Summary: "This was your lowest scoring KPI. Your average score was 4.40, which was .30 more than the benchmark average of 4.10. Your long term clients (ie: those who have been with you 7+ years) scored lower than your newer clients – perhaps an opportunity to continually reinforce the depth and breadth of solutions you can offer?"

Client Comments:

Implementation of Solutions

How well do you believe your Adviser has followed through and implemented solutions to your financial needs? This may include the time taken to implement a solution, the process that was followed, and whether you received what you expected.

Report Summary: "Your average score was 4.55, which was .39 more than the benchmark average of 4.16. This score placed you in the 75-100% quartile of businesses benchmarked and while it would appear you are doing a very good job of managing your clients’ expectations, remember it is always better to under promise and over deliver."

Client Comments:

Professionalism of Business Practice

How do you rate the overall professionalism of the practice in terms of its business operations, business premises, furnishings, equipment, image and location?

Report Summary: "While this was not your lowest scoring KPI, it was the headline area where you averaged closest to our national benchmark. Your average score was 4.50, which was .13 more than the benchmark average of 4.37. This score placed you in the 50-75% quartile of businesses benchmarked."

Client Comments:

Standard of Support Staff

How do you rate the standard of the support staff in terms of professionalism, dependability and courteousness?

Report Summary: "Your average score was 4.60, which was .26 more than the benchmark average of 4.34. This score placed you in the 75-100% quartile of businesses benchmarked with 92% of your clients allocating scores of 4 or 5. You should ensure you communicate these results to your team – your clients obviously appreciate their efforts."

Client Comments:

Financial Review Process

How well does your Adviser keep up to date with your changing financial needs? Do they regularly ask for details on your changing circumstances and update you on whether you are achieving your financial and personal goals?

Report Summary: "This was the headline area where you outperformed the national average by the greatest margin. Your average score was 4.47, which was .55 more than the benchmark average of 3.92. This score placed you in the 75-100% quartile of businesses benchmarked and is a strong result in an area that many advisers struggle."

Client Comments:

Communication

What is the standard of communication you receive from your Adviser regarding relevance, quality and frequency of communication, including letters, newsletters, telephone calls, seminars, etc?

Report Summary: "Your average score was 4.58, which was .53 more than the benchmark average of 4.05. This score placed you in the 75-100% quartile of businesses benchmarked."

Client Comments:

Although not a major issue, as we are kept fully abreast of the current financial climate, we do miss out on attending Seminars as they are tend to be held exclusively in Adelaide.

Email works well.

Lachie is always available on email and promptly responds.

Again e-mailing and occasional phone calls are of top order.

Can’t open some mail not very good on computers.

Have had a few concerns with communication from support staff but have addressed this with the advisor.

Communication with us is generally made via Email. Recommendations to take up or to not participate in offers from financial institutions are sent to us by this method as well as other general information.

More work needs to be done here if you are to become an integral part of our (and our family and friends) lives.

Good communication mainly by email. A phone call if an explanation is required.

General Comments

Report Summary: "One of the best measures of a business’s performance is the percentage of people prepared to refer it to others. At 99%, you have 12% more clients prepared to refer than usual.

Generally speaking, your clients should be at least reasonably satisfied with your service - otherwise they would have voted with their feet and left. As such it is not a surprise that 91% of clients in the benchmark group have stated that they intend to stay with their current Adviser. Your result of 98% is exceptional!"

Contact us to talk to one of our advisers.