I recently posted about an experience I had with a large international bank. But the “service” issue (or lack thereof) extends to other parts of the financial sector. For example, there’s a lot of pressure on superannuation funds to “reduce costs”, and presumably this is a “good thing”. And there are mergers of funds taking place, too. But there’s a downside to all this. I had occasion to be involved in seeking advice from the fund I previously mentioned as being involved in a merger.
My previous experience with this fund had been good: I, and other members of the family, had always dealt with a pragmatic and informed person at the fund. But he retired. Hence, when an issue arose, we had no point of contact.
Getting some straight-forward advice recently was a drawn-out, bureaucratic process. Our questions were not particularly complicated, but the “client service” people who you communicate with over the phone or by email invariably inform you that they can’t give “advice”. To get “advice” an appointment (lead time of up to a month) has to be made with a “financial planner”. We went though all this. Then, three hours before the scheduled appointment (for a phone consultation), an email arrived to the general effect that for an undisclosed reason the planner wasn’t available and the appointment was cancelled.
Attempts to get a new time were frustratingly complex. Phone calls got diverted to people apparently working from home all over the country, yet they couldn’t assist: it had to be done through the office with responsibility for the family member concerned. Not even other people in the organisation were capable of getting in touch with anyone in that office. All that they could do is to send through an email, asking for someone (preferably at a supervisory level, but who knows?) to get back in touch. Eventually a replacement “consultation” was set up, and the basic advice we needed was provided. But the planner didn’t comment on a number of the broader issues we raised, and declined to put the advice that was given in writing because we hadn’t paid for a full “plan”.
In short, client service has taken a severe nose-dive. Whether it’s a result of the commoditisation of the provision of advice or whether it ‘s a consequence of the merger, we were left unimpressed.
Superannuation, banks…. it all seems to be the same story. A recent report stated that the public is loosing “trust” in the banks, with the replacement of bricks-and-mortar branches apparently contributing to the decline.
Yes, there has been a Royal Commission, but the issues seem more general than the specific matters raised there. In fact, it seems to me that its partly the result of that Royal Commission that the financial sector is so sensitive.
Musings and Mutterings 