For the seventh consecutive year, BMO Mutual Funds led the mutual fund industry in customer service for its English and French language services, Toronto-based Dalbar, Inc. said Tuesday.
The other fund firms ranking in the top three were Franklin Templeton Investments (no. 2 in English and no. 3 in French), National Bank Securities Advisory Service (no. 2 in French) and RBC Global Asset Management (no. 3 in English). Fourteen firms in each language service were tested.
This past year saw the top ranking firms continuing to refine the client experience, with representatives engaging clients in detailed discussions, Dalbar says.
The financial services research firm says that possessing an in-depth knowledge of products and services, as well as delivering this information in a professional yet approachable manner were all observed as drivers of client satisfaction.
Dalbar explains that what separates top firms from the rest of the industry is the effort to truly understand the client’s situation, as opposed to simple ask/answer exchanges.
With asset-gathering still a focus for many firms, establishing this rapport during client interactions will be key for firms looking to climb in the rankings.
“Despite turnover challenges and limited resources, the top ranking firms continued to allocate training dollars to their respective service teams ensuring no compromises would be felt by their clients,” says Anita Lo, vice president at Dalbar.
The Mutual Fund Service Award is based on systematic testing of customer service throughout the year. Dalbar conducts thousands of rigorous tests each year evaluating a company’s quality of performance in product and procedural knowledge, professionalism, ease of doing business and their ability to deepen relationships with clients. Companies that exceed a variety of industry benchmarks after one year of testing earn the DALBAR Mutual Fund Service Award.