The subject of bad administration, sloppy service standards and interminable phone queues in dealing with financial services institutions has been aired on many occasions.
I have been an IFA for 14 years but matters have certainly become worse over the last four or five years.
Generally, if a company provides a good “product”, then we as advisers cannot allow such matters to interfere with our recommendations.
However, over the past couple of years, I have started making a list of companies that I simply will not recommend on the basis that their service standards are so consistently appalling.
It may surprise many people that I so far have only four names on the list.
Many companies are pretty dreadful to deal with but there are certain companies that take up so much time and effort that I simply cannot afford to deal with them. Blacklisting is the only answer.
That said, when I attended a seminar a few weeks ago, one delegate actually praised one of the companies on my list.
This got me thinking that perhaps I had been unlucky or that the partic-ular branch/regional office I was “attached to” might be a problem rather than the whole organisation.
I would therefore like to propose that Money Marketing takes a lead in discovering from its IFA readers a consensus view on the various institutions.
Perhaps Money Marketing could publish marks out of 10 for general service standards, accuracy of information provided, ease of contact, processing efficiency, etc, based on the average views of all respondents to an online poll.
If an institution is not able or prepared to raise its game in helping us put business on its books, then we should vote with our feet.
Incidentally, I have two insurance companies, one mortgage lender and a fund supermarket on my blacklist. It would be interesting to compare notes with IFAs.
Protect & Save