We Anonymously Surveyed Our Clients. Here’s What They Said.

To say the wealth management industry is crowded is an understatement. In Australia there are more than 25,000 registered financial advisers, and we all claim to be the best. In an industry that is also dominated by males, in fact almost 80%, it wouldn’t be out of school to say we’re a little egotistic, and probably driven by a need to feel significant. Most of us think we know what our clients want, without thinking to ask them. We engage specialist consultants and marketers to tell us what our clients think and want, when our clients are one email and phone call away – and they’re willing to help because it benefits them directly.

In can be daunting to face the truth, but in the pursuit of improving our offering to our clients, we decided to survey them, anonymously. Here are the top 3 things we found. The aqua colour bars are the results for BWM, and the green bars are the results of all firms participating in the study (nation wide).

The question, the results…

What we learned…

Most investors believe an adviser’s value proposition is in their investment returns. Nothing could be further from the truth. The reality is that there is more to what we do than just make money. Our clients measure our value by their ability to achieve their goals. Whether it’s to travel, to educate their children, to contribute back to their community, there is always a deeper purpose and ‘why’ to money. Uncovering this, putting in place a game plan to help achieve their objectives, whilst giving them a sense of security and peace of mind that they are on track is paramount to our clients.

The question, the results…

What we learned…

Investments and goals are joined at the hip. The money is simply a means to an end. It’s an enabler. It provides our clients with choice, flexibility, and freedom to do the things that are most important to them. As such, investment decisions need to be made through the lens of their goals. Each investment is made with a specific purpose of helping our clients achieve their objectives. Making money, in isolation, is not the objective, there is always something deeper. Once we understand this, once we have clarity of this, investment decisions become much easier to make. Make money, don’t let money make you.

The question, the results…

What we learned…

Everyone, and every family is unique. Our clients seek a bespoke experience – one that is customized to them. It validates our decision to serve a select group of people, and serve them well.

We we’re overwhelmed by the response rate of our clients and their kind words, however in the pursuit of doing more and better for our clients we sought real feedback. In the end, we ended up with a Net Promoter Score (NSP) of 54 (a score of greater than 0 is generally deemed good, and a score of +50 is deemed excellent), something we’re truly proud of, and validates the honest, hard work we do for our clients – more to come in this space, and we’re excited!

In summary, it’s our relationshiprange of servicesour experience with clients like them, and having a sense of security and peace of mind that our clients find most important in our relationship. Thank you to a bunch of great people – our clients, our friends, who have supported us through the last 3 years – we are truly honored that we can serve you in this way.

If you want to know more about BWM, you can check us out here.

Godspeed.