Understanding IFAs’ Clients and Prospective Clients
A City-based firm of financial advisers wanted to evaluate its service strengths in light of the RDR and changes to the market place. It wanted to understand client and prospect perceptions of its service offer, to determine how to ensure its positioning was as appealing and relevant in an evolved market. The Board felt that in order to continue to grow, the firm needed a strategy based on a series of realistic and achievable stages. A vital component of the research was a full understanding of perceptions of the firm’s fees and charging structure.
An extensive research programme was designed and commissioned; involving three stages of interviewing clients and target clients. 100 clients were interviewed over the telephone, providing a robust view of service experience, clients’ overall satisfaction and likelihood to recommend the firm. This was then supported by a series of 22 face-to-face interviews with clients to fully explore the detail and drivers of service experience. The final stage of the research involved 24 in depth interviews with target clients to determine a) service requirements and b) perceptions of the firm and in particular the marketing material. Hard to reach audiences included lawyers from the ‘magic circle’ firms.
The research produced a number of clear actionable insights that informed the firm’s growth strategy re branding, positioning and targeting prospective clients; it has helped inform retention and attraction strategies.