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Customer care is key consideration for HNWIs

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Customer care is the single most important factor when high net-worth individuals (HNWIs) are choosing financial and professional service providers to work with, new research from Butterfield Mortgages Limited (BML) has found.

The prime property mortgage provider commissioned an independent survey among more than 550 UK-based HNWIs, all of whom had investment assets worth in excess of GBP1 million. It found that 78 per cent of the super rich see the quality of customer care a business offers as a “key consideration” when choosing a service provider.
 
Customer care is so important that almost two thirds (64 per cent) are willing to pay more or achieve lower returns when making a financial decision if they receive a high quality of service from a company. Furthermore, 63 per cent revealed they have changed financial services providers in the past two years because they felt they were receiving insufficient attention from them.
 
When it comes to choosing financial and professional service providers to work with, BML’s study found that the majority of HNWIs (66 per cent) typically have several face-to-face meeting with prospective companies to build a rapport. Meanwhile, 78 per cent said they are reliant on brokers and intermediaries to guide such decisions.
 
Elsewhere the research showed discretion and confidentiality to be another critical factor for HNWIs when choosing service providers – 74 per cent said this is important to them. The same number (74 per cent) is conscious of the social, ethical and environmental impact of their financial choices.
 
Alpa Bhakta, CEO of BML, says: “Today’s research demonstrates just how much emphasis HNWIs place on receiving an exceptional quality of customer care from the businesses they work with. From banks and wealth managers to investment firms and legal advisers, the amount and quality of the attention they receive from a service provider is clearly more important than the returns they achieve, within reason of course.
 
“Companies who specialise in working with HNWIs recognise this. That is why they invest a great deal of time and energy with each individual client, not only developing bespoke offerings for every individual but also ensuring faultless customer service every step of the way.”  

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