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Defaqto service ratings 2017 show providers are improving

7 February 2017

Defaqto’s research among 15,000 financial advisers about their views on the service they receive from over 200 providers covering DFMs, platforms, pension and bond providers, and protection insurers, shows a marked improvement in service year on year.

Under Defaqto’s service ratings service, product providers are rated Bronze, Silver or Gold based on their overall rating score. In 2017 the total number of service ratings awarded was 66, made up of 27 Gold, 27 Silver and 12 Bronze. The company said that while this represents a small improvement (13%) for Gold and Silver awards in 2017 versus 2016, there was “a marked shift from Bronze to Silver of 38%, indicating that service is improving across the industry”.

The ratings service forms part of Defaqto’s research software solution, Engage, aimed at helping advisers choose the appropriate provider partners for them. The software enables advisers to filter by the overall service rating and by individual category satisfaction scores.

David Cartwright, head of Insight and Consulting (Wealth and Protection), Defaqto said: ”Service is a key differentiator today, so having ratings in this area is important. When the adviser has identified the most suitable product our ratings give them, and their clients’, assurance of the quality of the service they will receive from the provider.”

Engage user, David McGregor from financial adviser firm DFM UK, said: “The Service Ratings element of [Engage] helps us as we don’t want to only look at the products features and benefits but also understand how good a service that product provider is delivering in the market place. The Defaqto service ratings provide this.”

 

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