Reassurance and clarity key to guiding people through the investment maze
London, UK. 24 August 2007 – The financial services sector needs to drastically change its approach to handling clients, according to the findings of a new study by TNS Finance. The key concern voiced by 80 per cent of the public is that the industry should “cut out jargon surrounding investment products and services and makes these easier to understand.”
A greater understanding of financial services products and services is also felt to be needed, with 76 per cent asking for more education to be provided on these if people are to successfully use the sector to gain more wealth.
Seventy-three per cent called for the industry to give more personal, one-to-one, advice with advisers being more attuned to their needs. To better understand how investment options could help them, 63 per cent thought it “very or fairly important” that the industry “provides more real life examples of how others have made money by taking financial advice”.
The news comes shortly after the world’s stock markets have experienced sharp falls among fears of a global credit crisis.
Sharon Rees, UK Head of TNS Finance, says: “A more fluid investment climate creates uncertainty and arguably this impact can be seen most among the occasional investor. In this climate, they need clarity and reassurance that they are making the right investment decisions. More personal, one-to-one advice will clearly play a significant role here.
“A clear message has emerged from our findings – that by altering its approach to customer interaction, the financial services sector is likely to be better used by those wanting to invest.
“Greater simplicity will not always be easy to achieve as investment decisions are themselves often complex. However, the challenge of cutting out jargon, now more than ever, appears to be one that needs to be met.”