The determinants of customer satisfaction in the financial planning industry
Published Wed 22 Apr
Given the recent well-publicised failings in the financial planning industry, it is increasingly important for financial planners to recognise and understand the determinants of customer satisfaction. We examine whether technical service quality (delivering service in the right way) is more important than functional service quality (delivering service nicely) in ensuring satisfied customers. Using longitudinal customer satisfaction data from the Lifeplan ICFS Advice Satisfaction Index, we find that both technical and functional service quality positively affect customer satisfaction but technical service quality has a greater impact in driving customer satisfaction. Our results suggest that increasing technical service quality would be an efficient way for planners to ensure they have a satisfied customer base.
Read full article
This article is limited to FINSIA members only.
Membership is the only way to have full access to FINSIA’s catalogue of CPD-themed digital content, including InFinance, The Standard, AJAF, Insights Review and our partner publications