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bfinance awarded exceptionally high ratings in independent “Voice of Customer” research by Strategex
bfinance, the independent investment consultancy, is delighted to release the results of recent ‘Voice of the Customer’ research by independent research firm Strategex. The firm was awarded a Net Promoter Score (NPS) of 63, which Strategex advises is “exceptionally high” by industry standards, representing an increase of 4 points versus last year and 14 points versus 2016.
According to Strategex, the average NPS achieved by Professional Services firms in 2018 was 58 (up 11 points since 2017); in Financial Services the average score was 46. The NPS is calculated by subtracting the percentage of “detractors” (those rating the firm 6/10 or lower) from the percentage of “promoters” (those rating the firm 9/10 or better). A positive NPS score is considered satisfactory; a score of 50 or higher is considered excellent.
According to this independent study of thirty of the firm’s clients, bfinance’s particular strengths include excellence of team expertise (scoring an average of 8.3 out of 10) and strong customer care (9.2 out of 10). Participants particularly praised the firm for its comprehensive coverage of the investment manager universe and the high quality of reports and documentation. 100 percent of participants expressed a positive view overall of the firm and the majority (75 per cent) anticipate engaging bfinance for future projects. The results also demonstrate that bfinance has increased its standing among competitors, with almost 60 per cent of respondents scoring bfinance as ‘better’ than its peers. Data was obtained through extensive, one-to-one interviews taking place across July and August.
The results are mirrored by the firm’s recent rapid growth. In manager research and selection, one of bfinance’s core offerings, the volume of mandates handled for clients has increased by more than 70% year-on-year according to the latest Manager Intelligence and Market Trends report, or over 100% if risk overlays are included. Meanwhile, the firm has also expanded its services in areas such as Fee Review, Monitoring, Risk Analytics and other portfolio solutions. The firm opened its first US office (Chicago) and a second Canadian office (Toronto) in 2017, while 2016 saw the establishment of the first Australian office (Sydney) alongside the existing locations of London, Paris, Amsterdam, Montréal and Munich.
David Vafai, CEO of bfinance said: “We are delighted that this year’s Voice of Customer research shows an improvement on previous years, while at the same time achieving a figure that is exceptionally high by industry standards; it is a testament to the hard work and dedication of the team. At bfinance we place the utmost value on our customers’ feedback, which allows us to continue to improve our offering and services. We are paying close attention to the areas identified where further progress can be made, including raising awareness of our full range of services and continuing to build up staffing levels to support the growth of the business.”