Big Four satisfy the masses

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Consumers’ satisfaction with the big four remained unchanged on a 17-year high of 78.9% in April, but the banks must be doing something different with their advice clients.

Customer satisfaction was higher for those who contacted a financial planner/adviser, in all but one of the banks. Shooting ahead of the other banks by 6.6% was NAB, who reportedly satisfied 86% of its clients who contacted a financial planner. This was higher than their overall customer satisfaction at 79.3%.

A NAB Wealth spokesperson said they were pleased with the results and not surprised, due to their “proactive position” to create a more sustainable business. “It is always satisfying to receive positive feedback from our most important stakeholders. The improvements we made to our business models have increased quality, client engagement and ultimately client satisfaction.”

The stats come from the latest Consumer Banking in Australia Customer Satisfaction Report for April 2013, completed by independent Australian research company Roy Morgan

According to the research, CBA leads overall customer satisfaction at 80.5%, but only 79.4% of those who contacted a financial planner were satisfied. ANZ was next in line with 77.6% satisfaction among customers, but a 1.2% rise to 78.8% for advice clients. An ANZ spokesperson said they were pleased to see an increase in satisfaction among customers: “However, we know we still have more work to do and we’re focussed on delivering the right financial products services and advice that suits the needs of our customers.”

Westpac was at the bottom of the big four with 76.7% satisfaction among overall customers, but another rise in satisfaction for those who contacted a planner, at 78.1%.

  • Matthew Ross on 5/06/2013 8:49:22 AM

    (CBA getting an EU) Big Deal Mark S, BIG DEAL????

    Go out the back and give yourself an uppercut Mark. That is a disgraceful attitude.

    Any EU is a big deal. It's an indictment on our profession and sets us back 4 steps when whenever we make 5 steps forward.

    Good thing you didn't put your surname on this blog...

  • Mark S on 4/06/2013 6:17:14 PM

    So the CBA got an EU. Big Deal! Shall we list the IFA Dealer Groups that have had one as well? EU's are about the advisers who do the wrong thing and the DG's that don't watch closely enough. Client satisfcation is about the advisers (both bank & IFA) that do the right thing by their clients.

  • Pat on 4/06/2013 5:28:19 PM

    This is about the big 4, including that bank with an enforcable undertaking? Satisfied clients indeed.

  • David M on 4/06/2013 10:48:52 AM

    Dear Mark S, I have no doubt that you and many bank planners act with integrity and service your clients and being an IFA does not mean you do. However one needs to look at the remuneration of planners such as the % of ongoing income they are paid to see where many banks, which bank? place their focus. Like I said before...

  • Mark S on 2/06/2013 12:34:11 PM

    David M. I worked in an IFA practice for 5 years and recently went back to work for a Big 4. I was pleasantly surprised how well they do provide advice and look after clients on an ongoing basis. Entry fees were abandoned a few years ago and fee for service charges are calculated on time cost and complexity of advice.

    Whilst you may still see some clients that come from a bank claiming dissatisfaction with the advice or service, I can assure you that we see many who have not received good advice from an IFA or haven't heard from them again for years.

    Personally, I think there is plenty of business out there for any adviser who can build trust and provide the client with advice they value and service they actually receive on an ongoing basis.

  • Matthew Ross on 31/05/2013 2:03:05 PM

    Hahahahahaha, what David M said!

  • David M on 31/05/2013 10:40:33 AM

    Pig's arse!

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