The latest Lifeplan Financial Advice Satisfaction Index has confirmed the perceived credibility of a financial adviser is the key element to keeping clients happy.
"Individual advisers' credibility in the eyes of their client is the biggest factor in satisfaction," head of Lifeplan Matt Walsh said.
"Credibility does not relate solely to expertise and knowledge, but also to the perception of trustworthiness," he said.
"Indeed, the latest index suggests that a client believing that their adviser is acting in their best interests is just as important as believing their adviser is knowledgeable."
While credibility was identified as the most important factor in relation to customer satisfaction, the study found performance resulting from advice received, and an adviser's technical ability, were also critical elements in maintaining a content client book.
In regard to specific advice, wealth transfer strategies seemed to resonate well with financial planning clients.
Of those individuals surveyed, it was found that those who had a wealth transfer plan to ensure chosen beneficiaries were looked after were more satisfied with their overall wealth management plan as well as their adviser.
"The index for those that have created a wealth transfer strategy with the help of their adviser stood at 79.7, while those who hadn't stood at 65.9 - a significant difference," Walsh said.
"This may suggest that creating a wealth transfer strategy can enhance client satisfaction with their planner. However, it may also be generally indicative of the adviser having developed a well-rounded consultation or investment plan," he said.
