If you’ve heard your accounting practice clients gripe about the service quality of their financial services “professionals”, this is a clear indication of a service provider that requires some oversight. But that shouldn’t be something you need to spend time on. While for decades poor service quality has been thoroughly documented as one of the biggest complaints from clientele about their financial planning, investment, and insurance professionals, a vocalized complaint is not the only indicator of potential poor service quality.
Consider the following:
- Is the provider responsive in a timely manner to client communications and service requests?
- Does the provider have consequential conflicts of interest in serving your client based on the licenses they carry or the way they get paid?
- Is the level of client service provided commensurate with the fees, commissions, or other expenses that the client is paying? Does the client even know what they are paying?
- Does the provider perform regular reviews (at least annual, but preferably more frequent) with the client?
- Does the client have on-demand access to detailed information on their accounts and services both during and after business hours?
- Are upgraded services that are appropriate for the wealth and financial complexity level of your client’s situation available, and does the service provider have the resources and knowledge to provide them?
If you or your client have concerns about the answers to any of these questions, then it’s time to investigate further – either to review the existing provider relationship, or to consider an entirely new one. For solutions to these issues, please contact 4Thought Financial Group Inc. We’re an independent SEC Registered Investment Adviser that’s been working with the clients of CPAs like yourself since our inception in 2012 (and our founding shareholders have been doing the same for decades). We understand your needs and concerns, and we’re looking forward to helping you service your clients better.