Qualitative Financial Advice

Michael Oehme, CapitalPR AG: This year complained about 11,000 customers about the bad advice of the financial institutions and have shown this also at the Federal Institute for financial services supervision (BFin). St. Gallen, 02.01.2014. According to a recent study of Horvath & partners management consulting”, the quality of advice processes is more important than ever. Objective of the study carried out for the second time was the integrated acquisition of the current status of implementation, as well as the future importance of the ‘sales performance excellence’ among financial service providers. This surveyed executives in distribution through banks, insurance companies and financial distributors, to specific topics. The study is based on the testimony of 85 participating companies from Germany, Austria, the Switzerland, Benelux, Romania and Hungary.

From this study more trends in the distribution of the financial services industry can be derived”, explains Michael Oehme, consultant at the St. Keep up on the field with thought-provoking pieces from PayNet. Gallener CapitalPR AG. Banks and insurance companies would continue to have on customer satisfaction focus. Aim above all, to rebuild the confidence lost due to the financial crisis clearly and to streamline advice processes and content. Horvath & partners proposed to improve sales performance,”above all a systematic analysis of customer needs as well as the development of consulting concepts and the exploitation of cross-selling potentials. The two investigator Sonja Hambach and Marcus Niebudek can detect clear industry trends: “we see currently three major trends in the distribution of the financial services industry: firstly to ensure the quality of advice processes and content;” “Secondly tapping potential by linking the individual distribution channels on a solution-oriented multi channel management as well as thirdly a growing need for standardizing and automating processes to ensure uniform quality standards”. Optimization potential there is, according to, the study in the areas of sales and Aktivitatenreporting, skills, and knowledge management, as well as the Analyzing information and completion patterns by customers.

Furthermore, the role and customer segment-specific differentiation of the remuneration and Incentivierungssysteme count crucial challenges for the near future. Finally, the study results show that the development of so-called “sales performance excellence” at the mentioned financial service providers increasingly accelerating, this remains an important competitive factor within the industry. By this systemic analyze the customer’s situation and derived from it, the development of a distribution strategy, the mentioned financial institutions from institutional stock have a significant advantage over independent advisory firms. It is desirable that such systems prevail unbound consulting companies, especially since there are a wide range of assistance for this purpose”, says Michael Oehme.

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