The centre carries out research into the service being provided by IFA businesses. Analysing 500 responses received by 50 firms over the last quarter, it says that the results show that clients value advice over sales.
Ninety-five per cent of respondents agree or strongly agree that the product or service offered was suitable for their individual needs.
More than 97 per cent agree their adviser and firm will ensure appropriate support and that processes are in place to enable them to change any product, make a claim or a complaint.
Only 8 per cent believe they did not receive clear or helpful documentation detailing the advice given.
Sales director Sim Sangha points out that the research contradicts the concerns of some professional indemnity insurers that asking for client feedback may result in more complaints.
He says: “Out of the 500 responses received, only 0.75 per cent of responses were classed as negative.”
Evolve Financial Planning director Jason Witcombe feels the high satisfaction rates prove advice firms are shifting their focus from sales to a financial planning model.
He says: “There is clearly more of a focus by firms to offer financial planning advice to their clients rather than a product sales service. That is what consumers want.
“If you are offering a proper advice service, advisers will build a relationship will their clients. When that happens firms are less likely to have dissatisfied customers.”