Cerulli: Advisors control significant share of DC plan market

“These results underscore the length to which providers have gone to ensure quality service through ongoing training programs and process orientation,” the report states. “Throughout Cerulli’s research, investors have consistently cited service disappointments as their leading reason for dissatisfaction with their providers and advisors.

“Facing this threat to their investor relationships, providers of scale have established programs, such as training, monitoring and coaching, to ensure delivery of uniform qualify service through a variety of media, including phone centers, online chat or email, and walk-in investor centers,” the report adds.

These positive developments aside, the report cautions advisors and financial service providers to be mindful of pitfalls that could damage their reputations and business prospects. Among the hazards: the sharing of customer experiences and opinions about poor service through social media.

To help maintain or increase customer satisfaction and loyalty, the report counsels service providers to boost clients’ “perceived level of service.” The survey adds that service quality and a provider’s reputation are the “leading criteria” guiding investors by in their selection of a service provider.