Client survey reveals BFS is on track
2 July 2012
In a recent client survey, more than 90% of respondents indicated that they believe their Boyce Financial Services (BFS) advisor has their best interests in mind and more than 86% indicated they were either satisfied or very satisfied with the service provided by BFS.
Lindsay Garnock, Director of BFS, was extremely pleased with the results of the survey, given the challenging market conditions over recent years.
“Our aim is to provide a quality financial advisory service to regional individuals, families and businesses – I am encouraged that the client survey results indicate we are achieving this aim,” said Lindsay.
BFS, the financial advisory division of Boyce Chartered Accountants, was established in August 2008 and has grown exponentially since that time. The business adopted a “fee for service” model almost from the outset which has meant that clients are charged an agreed fee per annum.
“We recognised early on that the fairest and most transparent fee structure required a move away from the more common financial services model where fees are liked to the value of funds invested or advisors are remunerated by commissions," explained Lindsay.
“This removes the potential for fee increases due simply to market movements and any possible conflict of interest for advisors is significantly reduced.”
When asked about the service delivered by BFS, the top three attributes nominated by clients were (in order) – trusted advice, peace of mind and value for money.
More than 86% of clients indicated that they were “likely” or “very likely” to refer BFS to a friend or family member.
Lindsay believes that there are many challenges ahead for the financial services industry with the Future of Financial Advice (FoFA) reforms to be implemented voluntarily from 1 July 2012 before becoming mandatory from 1 July 2013.
The reforms include a number of key components including a “best interests duty”, opt-in and fee disclosure, a ban on conflicted remuneration and non-monetary benefits, and the implementation of scaled advice.
“Fortunately for BFS, we have been proactive in understanding what clients are after and many of the FoFA reforms are already in place in our business,” said Lindsay.
“This means that we will not have to undergo significant adjustment to meet the new legislative requirements and we can focus instead on helping our clients to maximise their wealth.”
If you would like to know more about the services offered by BFS please contact your local Boyce office to speak with a BFS Advisor.
Lindsay Garnock and Boyce Financial Services Pty Limited are Authorised Representatives of Lonsdale Financial Group Limited, ABN 76 006 637 225, AFS Licence No. 246934.