Professional Pensions asked its audience of trustees and scheme managers what they thought made for great customer service in the institutional pensions market and why. This is what they said…
The most important aspects of customer service to our audience were ‘honesty and integrity’, firms ‘doing what they say they are going to’ and ‘offering clear explanations on products/transactions’ – factors which had weighted scores of 167, 154 and 137 respectively.
Other factors were less important – with ‘speed of service’ and ‘receptiveness to new ideas’ deemed as the least important components of great customer service in the institutional pensions market.
Many of the respondents said providers and advisers needed to focus on being honest, avoid using jargon and listening to clients.
As one respondent explained: “Clarity should be the watchword; with fees, service levels and everything else stated and adhered to.”
Another urged: “[Providers and advisers] need to constantly remind themselves what it is that the customer expects and not what it suits their organisation to provide.”
Other respondents said businesses should also be upfront with bad news.
As one noted: “Don’t try to hide bad news, it will come out in the end and it always feels better if the provider puts their hand up first.”
And others said raising good ideas late was a cause of considerable frustration. As one respondent said: “Don’t come to me with your best ideas late – and don’t tell me that ‘we implemented this for our other clients some months ago’. Why has it taken you so long to raise it with me?”
In total, 146 scheme managers and trustees responded to the poll. You can read the responses in full at the end of Professional Pensions 12 July Pensions Buzz survey.