According to a Boston Consulting Group survey of 6,000 consumers from six countries, more than 70% of consumers around the globe heard nothing from their financial institutions – asset managers, bankers, and insurers – about the financial crisis late last year. And they’re not happy!
Half of respondents report confusion, lost trust, and uncertainty about whether and where to invest. On the flip side, those who have been contacted by their financial services providers show significantly higher levels of contentment. Of US consumers, 71% of people contacted by their primary investment advisers about the crisis report being satisfied, versus 34% of those not contacted.
Of the pool, only 5 percent of consumers complain of hearing too much.
Since the dawn of the crisis last fall, our firm has pushed a contact to our clients 13 times. When you include this blog (which a large number of our clients and prospects subscribe to) the number surges to 48.
If you know someone who is in the 70% of those who haven’t been contacted during this crisis, I’d invite you to forward this blog to them and let them know that Freedom Financial Solutions is committed to client service, intellectual honesty, and candid communication, no matter what crisis or bull market we might find ourselves in. Our clients have come to expect nothing less from us.
Source: Journal of Financial Planning, May 2009