Our family has grown and the word is out about the Culture we are building at Templestone so my first message is one of “welcome” to all our new advisers.
I thought this month I would devote the next few paragraphs to some numbers that Business Health has recently published, that I think you would be interested in.
10 client facts
Australian client averages: (What are your numbers?)
- Age 60+: 55%
- Retired: 45%
- Client for 7+ years: 32%
- Retention rate: 97%
- Satisfaction rating (CATScan): 4.23 out of 5
- Willing to refer their adviser: 87%
- Practice has documented its CVP: 47%
- Contact 10+ times in 12 months: 22%
- Asked for their feedback in past 2 years: 26%
- Expect ongoing relationship with their adviser: 91%
(All statistics referred to have been derived from Business Health’s Future Ready IX Report and our latest consolidated CATScan analysis.)
According to latest data, three in four firms have reviewed their fees over the last 12 months, with the average fee charged to advice clients today being $3,852.
And while it’s long been Business Health experience that clients are prepared (satisfied even) to pay for their advice experience, this was recently confirmed with the release from FAAA of its latest Value of Advice Index – 9 out of 10 advised clients believe the benefits of financial advice outweigh the costs.
Team, for me there are a lot of messages in all this:
- Referrals from clients? If 87% are willing to refer, why not ask?
- Whose engaging the younger client if 55% are over 60?
- Only 22% ask for client feedback? ….. But isn’t this a great way of promoting your services but also making sure they are valued?
- 91% expect to stay with you.
- ….and finally fee levels ……. $3,852 is the average but the range starts at over $10,000. It’s all about “services” isn’t it? If you get this right, then the fee level is not important to the client.
That’s about it from me. Conference information and registration details should be on your desks now. Don’t miss this event!
