JM Finn CEO Hugo Bedford considers the importance of embedding client opinions into business decision-making.
I hope you have had an enjoyable and relaxing summer. If, like me, you’ve been charged with creating the itinerary for your family holiday this year, you’ll know that it is often no mean feat to make sure everyone from adults to teenagers have a good experience. As tempting as it might have been to test out a shiny new AI trip planning tool, I settled for a more tried and tested way: asking for ideas and opinions before making a plan.
Obtaining regular feedback from our clients is paramount to JM Finn.
Taking feedback on board is just as necessary for companies: around 80% of new innovations fail. A common reason for this is a failure to carry out adequate market research before a new launch to understand consumer thoughts and needs. It sounds simple, but it is important to check that products and services are meeting genuine consumer demand before launching. One of the most famous examples is the reformulation of Coca Cola in the 1980s: without carrying out sufficient consumer research, the company pressed ahead with a change to the recipe and then hastily reverted to the old ingredients following a consumer backlash. Google’s augmented reality Google Glass eyeglasses met a similar fate. Designed to ‘enhance wearers’ realities’ by incorporating computer access into their glasses, it also included the ability to discretely record surroundings. Going on sale to great fanfare in 2014, the product was quietly shelved the following year. What went wrong? Post-launch, the feedback from would-be customers was clear: the US$1,500 price point was considered too high and the recording function was perceived as a breach of privacy. In both cases, more robust consumer research prior to launch could arguably have helped to prevent costly developments that ultimately weren’t well received by the public. Google is currently in the process of creating an updated version of its smart glasses and it will be interesting to see how the new prototype fares.
This year, our Wealth Planners won the prestigious Private Asset Management (PAM) Total Wealth Planning award.
Of course, customer opinion should not just be sought on a one-off basis, but ideally rather as an ongoing process. Obtaining regular feedback from our clients is paramount to JM Finn: we’ve carried out a biennial client survey for many years to understand attitudes to the firm, our investment managers and the services we provide. We listen carefully to the results and incorporate client thoughts into our strategy wherever possible. Our Wealth Planning team was created in 2016 in response to clients telling us, via the survey, that they wanted us to provide a financial planning proposition to complement our investment management services. Since its inception, the team has gone from strength to strength. This year, our Wealth Planners won the prestigious Private Asset Management (PAM) Total Wealth Planning High Net Worth award – but most importantly, they continue to be highly rated by clients who use the service.
The 2025 iteration of our client survey will be sent out to you by email in September, following an initial email from your investment manager. I would encourage you to participate if you can find the time – we really appreciate every response, and look forward to being able to share some insights from the study in a forthcoming edition of Prospects.
