Customer Care for HNWI

Customer service is important to most people, but when it comes to high net worth individual’s customer care is taken to the next level with the majority of HNWI willing to pay for top services.

Recently BML conducted a survey to identify how much HNWI value customer service when choosing a financial service provider. The research included 550 plus HNWI and revealed that 78% said that the quality of customer service is a “key consideration” for them when choosing a business to work with. Some people may first wonder who is considered a high net worth individual?

For business and service providers to be desirable to HNWI it is vital that key consideration is given with the following needed special attention to creating a service worth of HNWI.

Attention

Services must be tailored specifically for each individual, providing enough attention to understand and meet/surpass expectations. This would involve gaining a thorough knowledge of the client and building a relationship via clear communication. This special attention is highly valued by HNWI as BML reports that 63% of HNWI have changed service providers in the last two year due to lack of communication and attention. It is vital not to overlook HNWI.

Confidentiality

This aspect is especially important as for clients to trust service providers full discretion must be maintained. In fact, it is so important that 74% of HNWI said that confidentiality is very important when conducting business with a service provider. Due to this service providers must go beyond the normal steps to ensure all data is appropriately protected and will remain confidential.

Ethics

Business ethics can mean different things to different people however in recent year it has become a priority for many. BML’s survey reported that 74% of HNWI are actively conscious of their social and environmental impact when making financial decisions. This concern is also extended to what service providers HNWI choose. Due to this, it is advisable for service providers to consider environmental and social implications when offering clients options.

These are just some factors that service providers tend to overlook when providing customer care. With these issues taken into consideration, it will be possible to provide a highly rated service that keeps HNWI satisfied in the long term.