Secondsight’s key to happy clients

Matthew Mitten says the firm’s strategy of demonstrating value has been a major factor in getting to a position of not having lost a single client in the transition to the RDR-compliant world.

The transition from commission to a post-RDR world of fees is a challenge all corporate advisers have had to face. For Secondsight, the dedicated employee benefits division of Foster Denovo, accurate data on the value delivered has been the key to retaining existing corporate clients in the post-commission world – and to gaining new ones.

“In the past, we were engaging through one-to-one meetings that were often paid for by commission. We now have to measure the influence we are having on a workforce to justify our fees,” says Mitten.

“Market intelligence is key to our proposition now. When you go from commission to fees, you have to demonstrate the value of what you are doing. And that means monitoring the number and type of queries that you are answering, how many seminars you are holding, how many people attend, etcetera.”

Mitten points to employees paying more into pensions, the numbers changing their default retirement age and those opting for salary sacrifice as other key benchmarks.

Read the full article on Corporate Adviser.