FINANCIAL INTERMEDIARY SERVICE EVALUATION (FISQE)

Transcription

1 FINANCIAL INTERMEDIARY SERVICE EVALUATION (FISQE) PURPOSE The FISQE program is designed to support financial service companies that rely on financial advisors for business growth. FISQE is appropriate for those companies that are proactive in supporting the needs of the advisor community and those that seek to provide an excellent level of telephone service to this audience. FISQE is the independent external measurement of the sales, marketing support and service that is essential to a successful business strategy dependent on financial advisors. BENEFITS FISQE is grounded in a system that has been refined for over two decades to measure the financial advisor s experience with financial service firm call centers. Large and small financial service companies have adopted the FISQE measurements for evaluating, sales, marketing and service performance and managing the business. This depth of experience provides a source for addressing and solving most of the challenges of serving the needs of financial advisors. USES FISQE supports the financial advisor business model by enhancing the quality of support provided in a number of ways. The FISQE Program: Identifies strengths and provides the tools for recognition. Identifies weaknesses and details actions to improve. Gives a view of the support provided by competitors. Supports the training and coaching of sales and/or service staff. Provides a framework for internal management. Permits objectives to be set for any desired level of support. 1

2 Provides a basis for incentive compensation for sales and/or service quality. METHOD Central to the FISQE program is capturing and evaluating the experience with the financial advisor. Evaluations point out strengths, weaknesses and inconsistencies in service. A uniform system of computer-based measurements is used to evaluate quantitative and qualitative elements of the advisor s experience. Results of the evaluation are reported in detail and aggregated over time to provide a reliable measure of the experience. DALBAR s proprietary system is used to provide a consistent evaluation of all activities, thus removing the variable of human judgment. The results of evaluations can then be compared across companies and across time. The metrics used for evaluation are: Criteria that consist of human factors that have been analyzed and coded into the computer. Examples include Expertise and Attitude. Criteria are the metrics that are the key measures of quality. Criteria exist for all measures. Attributes are the building blocks for criteria. Each attribute is a defined behavior that is given a specific weight within the context of each activity. An example of an attribute is Acknowledged Caller within the Attitude criterion of a representative. DALBAR analysts are guided by the computer system to make choices based on the recorded experiences. Capture the Financial Advisor Experience The method used to capture the financial advisor experience is random sampling. Random sampling involves selection of a representative sample of activities drawn from the daily operations at the financial services institutions. Sampling includes call activity. The advantages of this method are: v Reliability through larger samples v Financial Advisor reaction v Rep productivity 2

3 DELIVERABLES v Ability to easily expand outside the scope of the program to include individual rep and specialized group reporting Reporting consists of four detailed reports (available in any frequency), including: A Performance Overview Report Results of the call center as a whole including detail on how the call center performed in each of the criteria, recommended focuses, and executive summary. A Ranking Report Details on the call center s overall ranking as well as the call center s ranking by criteria. A Call Detail Report Information on each telephone service experience tested including details by type of call, security errors, timing details, accolades A Rep Report (Optional) Provides additional detail by call center rep to assist in training and coaching efforts Detailed reporting of service performance shows the results of evaluations performed and includes: Summary of the financial service company s standing Scoring of each evaluation criteria Ranking of financial service companies in each major category Exceptionally good experiences Exceptionally poor experiences Details of where quality points were gained and lost The reports are supported by a member only website that allows users to listen to call recordings as well as create their own dynamic reports. In addition, members are provided with up to two hours of analysis by DALBAR representatives per reporting period. This may be used to develop recommendations, provide examples of industry practices, answer questions and provide explanations or supplemental materials. 3

4 Financial service companies that participate in the FISQE program meet annually to discuss and exchange ideas. These user group meetings typically include: Trends and new innovations Suggestions and proposals from participants Problem solving where participants seek the advice and counsel of other attendees. Plans from DALBAR for changes and enhancements to the program. Open forums to discuss issues that face the industry, from the perspective of the financial advisor. In the FISQE Program, awards are earned by financial service companies that consistently maintain a level of service throughout the preceding calendar year. There are two levels of awards: The Service Award for excellence is issued to companies that exceed the norm in each key component in telephone activity. The Key Honors Award is issued to those companies that achieve an average or better score in each key component. Participants in the program have the right to use the Service Tested by DALBAR image internally and for promotion. Reliability The goal for reliability is +/- 5% error margin in one year of evaluations. Results are screened and observations that fall outside of one standard deviation are considered outliers and removed from the result base. The large sample ensures that the removal of outliers does not affect the integrity of the data. Tests cover the mix of transactions encountered at each delivery point. The large sample normalizes differences across differing delivery points. 4

5 COST Several cost alternatives are available, depending on the specific need of the annuity company. Menu Pricing is provided to permit flexibility in situations when a Standard Package is not the best solution: Standard Packages Monthly Reporting $45,000 Quarterly Reporting $34,200 If quarterly reporting is selected, travel related expenses are billed separately. Additional evaluations $55 per call Menu Pricing Engagement Fee $2,500 Standard Evaluation $24,000 Standard Reporting (per report cycle) $850 per Report Period User Group Meeting $2,300 Client Service Support (Hourly Fee. Minimum of 2 $250 hours per report cycle) Note: This is a product description that is intended to illustrate a product that will be delivered to a subscriber. This is not a proposal and is subject to revision without notice. Until an invoice is issued and paid, DALBAR is under no obligation to produce the goods or services as described here. 5