Data is the backbone of financial planning. Advisers use data to analyse markets, build portfolios, and make recommendations to clients. But data shouldn’t just inform the plans you recommend to your clients. It should help to evaluate and improve the service you offer to them. Consumer Duty puts a strong emphasis on the importance ofContinue reading “The 4 essential steps to create a foolproof Consumer Duty data strategy”
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Embracing the sting: How negative feedback can be the key to success
All financial advisers want to provide the best service possible to their clients and most do an excellent job. Indeed, Elevation data shows that 99% of clients would consider recommending their adviser. However, even with the best intentions, not everything goes as planned. From time to time, you may receive average or even negative feedbackContinue reading “Embracing the sting: How negative feedback can be the key to success”
Making Vulnerability Personal: The 5 key steps to a more inclusive business
Consumer Duty recognises the importance of protecting customers in vulnerable circumstances. Vulnerability can arise from a variety of factors such as age, disability, health conditions, low financial literacy, or social circumstances. According to the FCA, a vulnerable consumer is someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firmContinue reading “Making Vulnerability Personal: The 5 key steps to a more inclusive business”
Consumer Duty will cost you money; how to boost your return on investment
There’s no getting away from it, Consumer Duty will cost you money. The new guidelines require firms to record the rationale, data collected, decisions made and actions taken as their whole business. Savvy firms will introduce efficiencies to balance the cost. But our data shows that by collecting and acting on client feedback in theContinue reading “Consumer Duty will cost you money; how to boost your return on investment”
Culture, Governance and Accountability: creating the right environment for success
The Consumer Duty requires firms to put clients at the heart of every decision. The Duty puts a spotlight on a firm’s: The Consumer Duty is a set of principles, rather than rules. The FCA expects everyone within a firm to act in the spirit of the principles; it reaches much further than just compliance.Continue reading “Culture, Governance and Accountability: creating the right environment for success”
Delivering good outcomes: a new way of asking for feedback
Customer satisfaction is dead, long live client outcomes. The FCA has placed delivering good outcomes at the heart of Consumer Duty, which comes into force at the end of July 2023. The new requirements will mean advisers need to forget everything they thought they knew about client surveys. So what should you be doing? ToContinue reading “Delivering good outcomes: a new way of asking for feedback”
Are you ready for Consumer Duty? Top advice firms share 7 key steps to success
Are you ready for Consumer Duty? Top advice firms share 7 key steps to success With the implementation deadline for Consumer Duty now just six months away, we asked three firms what they’re doing to prepare for success. Whatever their level of readiness, all the firms spoke to the functional and cultural changes required, withContinue reading “Are you ready for Consumer Duty? Top advice firms share 7 key steps to success”