MANULIFE FINANCIAL CORPORATION BOSTON-Ninety percent of investors say that being able to resolve problems and answer questions quickly is a major part of their definition of a consumer-focused financial services company, according to the second quarter 2014 John Hancock Investor Sentiment Survey.
Yet when asked if financial services companies are truly consumer-focused, most survey respondents said only 38 percent of financial services companies fit that bill. Investors also said that overall, about 49 percent of companies in general are consumer-focused.
"Consumers consistently express the desire for companies to focus on their needs, yet the perception is low that companies actually accomplish this. The disconnect is something that all companies concerned about the health of their businesses should monitor," said Oscar Gonzalez, John Hancock economist.
In the survey, nearly as many investors said that transparency in fees/costs (87 percent), and customer services representatives who are friendly and knowledgeable (84 percent), are very important in defining a financial services company as consumer-focused.
Next in order of importance in defining consumer-focus are: easy to read and accurate statements/bills and being able to reach a live person (each 81 percent), materials in plain language (76 percent), and a user-friendly website (70 percent).
When asked to rank major attributes of a consumer-focused financial services company, investors noted: offering creative solutions to problems (62 percent), the ability to do business online (58 percent), the ability to meet reps in person (49 percent), nearby physical locations (38 percent), and having help available 24/7 (44 percent).
The findings were drawn from the second quarter 2014 John Hancock Investor Sentiment Survey, a quarterly poll of affluent investors. The survey measures investors' feelings about the current economic climate and their evaluations of what represents a good or bad investment given the current environment. The poll also asks consumers about their confidence in reaching key financial goals and likelihood of purchasing financial products and services.
About the John Hancock Investor Sentiment Survey
John Hancock's Investor Sentiment Survey is a quarterly poll of affluent investors. The survey measures investors' feelings about the current economic climate and their evaluations of what represents a good or bad investment given the current environment. The poll also asks consumers about their confidence in reaching key financial goals and their attitudes toward specific financial products and services. This online survey was conducted by independent research firm Greenwald & Associates. A total of 1,107 investors were surveyed from May 12th to May 23rd, 2014. To qualify, respondents were required to participate at least to some extent in their household's financial decision-making process, have a household income of at least $75,000, and assets of $100,000 or more. The data were weighted by age and education to reflect the population of Americans matching the survey's qualification requirements. In a similarly-sized random sample survey, the margin of error would be plus or minus 3.01 percentage points at the 95 percent confidence level. Due to rounding and missing categories, numbers presented may not always total to 100 percent.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife and its subsidiaries were C$635 billion (US$574 billion) as at March 31, 2014. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance.johnhancock.com.
Contact:
Beth McGoldrick
(617) 663-4751
bmcgoldrick@jhancock.com
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