IFAs – Treating Customers Fairly is a waste of time…..
By Bridging Loan Directory -
By guest author Jon Pittham, director of Clients First.
The statement on your website and in your brochure says:
‘We’re committed to treating customers fairly’.
What a shocking statement! Put yourself in the prospect or client’s shoes – they don’t know what TCF is, why should they? Yet they read on your website or brochure that you are ‘committed’ to treating them fairly. Based on that, I bet they’d love to be a client of yours!
I suppose that treating customers fairly is kind of a good thing if they are about to trust you with their life savings, but hey, I think I’d expect a bit more than that. After all, being treated fairly should come as standard, shouldn’t it?
Can you imagine entering into a long term relationship with someone to whom you are probably going to pay a great deal of cash, for them to say they promise to treat you fairly. Oh, well that’s nice but no thanks.
I’d prefer to work with someone who will make a difference, treat me like I’m special and commit to delivering service and advice excellence. A firm that’s committed to delivering excellence perhaps – now that’s more my language…
TCF is an FSA initiative aimed at advisers, not clients, yet it is regurgitated with the expectation that clients will understand it. Scary eh, the FSA are now delivering your marketing (it’s all part of their master plan)! This is no different to taking Provider or Investment house commentary and technical updates and forwarding them on to clients as ‘news’, another no-no in my book…
Your clients want your opinion, your thoughts, to trust you and to feel like they’re with the best adviser in the UK. Make your marketing, proposition and communications suited to their world, not yours.
I think clients deserve to be treated a little better than fairly, don’t you?