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Client Audit to give helping hand to advisers on TCF |
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A new client feedback programme has been launched in the UK which can help financial advisers towards meeting treating customers fairly (TCF) requirements.
The Client Audit is an outsourced client feedback programme from Advisor Impact, a firm that provides business management training and tools to financial advisers and accountants.
Advisor Impact says the programme can improve client loyalty, increase revenue and also aid advisory firms in meeting the TCF requirements.
‘It’s really a way to gather very detailed information on what clients are expecting in terms of service and the extent to which we’re delivering on that,’ Advisor Impact president Julie Littlechild said.
‘It’s helpful from a management information perspective to identify any gaps in service delivery, to assess things like the extent to which products and services are clearly explained and an array of other issues,’ she said.
The FSA has already warned there is a real risk that advisory firms will fail to meet the December 2008 TCF deadline.
Littlechild says advisers can be left with documents after the Client Audit that they can file away and produce as proof of their TCF efforts. There is also the opportunity to obtain PDF files online illustrating client experiences.
Littlechild said the programme can also assist advisers with time management. ‘When advisers have more information from clients of what they need and expect they can identify opportunities to streamline.’
The Client Audit programme was initially launched in Canada, before becoming the leading feedback programme in the US. This has helped Advisor Impact build up responses from more than 50,000 clients, providing information on what clients look for in their relationship with advisers.
In the UK, Paradigm Norton Financial Planning, Cavendish Financial Management and Platinum Portfolios Limited all piloted the p
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