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Nearly half of clients are unhappy about service

The founder of comparison agency findawealthmanager.com, said service issues, fees post-RDR and the ways in which people communicate are often cited as the reasons clients feel “alienated” from their wealth adviser.

His comments came after a poll conducted among advised consumers found that 47 per cent of clients visiting the site had complained about service issues.

More than 70 per cent of clients said they would prefer to deal directly with the person responsible for overseeing their investments, while others were unhappy with personnel turnover at the firms.

Mr Goggin said: “After a brief period where performance was the top concern, service is once again the most common reason clients start looking elsewhere.

“Service standards can slip for a variety of reasons, but a change of contact person – either because they have moved on or been promoted – is a very common source of irritation. Over a tenth of those coming to the site say their contact person has been changed.”

Adviser view

Justin King, chartered financial planner and registered life planner for Hants-based MFP Wealth Management, said: “The real key insight we have taken from our business is that you cannot compare one client portfolio against another. The whole basis is a tailored proposition and service schedule.”

Key figures

47% of people find service levels have slipped

9% complain about fees

11% complain about a change in key contacts

70 % would prefer face-to-face dealings with managers