Latest survey results from professional services firm Aon show that client satisfaction rose in the wealth management industry in 2021. The findings will be a morale booster for a sector that can sometimes feel rather unloved.
A new survey by Aon, a professional services firm, shows that UK wealth management firms achieved their highest level of client satisfaction in three years in 2021, despite the recent challenges. The findings will comfort an industry where banking and finance publicity can still be negative.
This year’s results from the third annual client experience benchmark for the UK wealth industry are the highest scores over the past three years, Aon said in a statement. It demonstrates that firms are placing increasing emphasis on their client experience. But onboarding and the digital experience still need improving, Aon added.
The survey showed that overall client satisfaction reached 8.6 out of 10, compared with 8.4 the previous year. However, client outcomes – the average proportion of the client base who agree that products and services meet their needs – reached 96 per cent, compared with 92 per cent in 2020.
“We saw a sharp and worrisome decline in the net promoter score last year, likely attributed to the Covid-19 pandemic,” Caroline Burkart, head of UK and European client insight for Aon’s human capital business said. “The rebound shows the emphasis firms have placed on all aspects of the client experience during what has been another very uncertain year. From the onset of the pandemic, there was a necessary shift to remote relationship models and in 2020, a slight decrease in most satisfaction metrics was observed. In 2021, these new working processes became firmly embedded and pre-pandemic working practices started to resume gradually."
“However, satisfaction with the digital experience, which has of course been brought into greater focus, lags other metrics and remains an area where clients desire a range of improvements,” she added.
The results from the third annual client experience benchmark for the UK wealth industry surveyed high net worth clients from 10 participating firms in 2021, gathering over 7,500 responses from clients of wealth managers and private banks, collectively representing more than £150 billion ($187 billion) of assets under management, Aon said.
The survey demographics are in line with the previous two years, with the average age of the respondents in 2021 being 68, and females representing one-third of respondents, the group added.
Participation in the benchmark survey enables firms to understand what a best practice client experience delivers and how it supports business growth through key insights that contribute to increased assets and profitability.
Based in London, Aon's human capital business provides businesses with a mix of data, analytics and advice to help them make better workforce decisions.