In this study, FI has identified a number of areas where companies are most likely deficient in their role as a financial advisor, which can have negative consequences for both the customer and the company.
The primary problems identified by the study are that:
The study was conducted from the customer's perspective. Approximately ten employees from FI visited a total of 40 banks and posed as customers in need of financial advice. FI also interviewed 60 actual customers about the advice they received. The results have been compared to the companies' own information about their procedures for giving financial advice. While the companies themselves consider there to be few problems with their advisory services, the study shows that the picture from the customer's perspective is completely different.
Despite the problems identified in the study, many of the customers were satisfied with the advice they received. The FI customers, whose visits were a part of the study, were more critical.
The following steps will be taken with regard to the supervision of financial advice: