Market Research

UK Client Satisfaction Falls on Higher Charges

Stephen Harris 6 March 2007

UK Client Satisfaction Falls on Higher Charges

C. Hoare and Co and UBS Wealth Management jointly achieved the highest client satisfaction score in 2006 for UK-domiciled clients, according to new research from strategy consultancy firm, Market-Dynamics Research and Consulting. Kleinwort Benson Private Bank achieved the highest client satisfaction score for UK expatriates. But overall client satisfaction levels in UK private banks and wealth managers fell in 2006 owing to growing discontent with charges. The decline broke the trend of continuing client satisfaction seen since 2003, according to MDRC. Wealth management client satisfaction fell by 4.5 per cent to 61.2 in 2006 from 64.1 in 2005 and was experienced across all segments of the market, says MDRC. Although most firms in the study achieved an improved score in most of the key satisfaction ratings, this improvement was offset by a decline in the value for money rating given by clients and an increase in the weighting given by clients to this rating.

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