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Managing customer expectations

Westpac Financial Services

When some people read about financial products they just lose heart. The thickets of jargon can seem impenetrable.

If you want to know whether customers understand what they're buying you have only to wait until the market falls. Fund managers call centres light up with consumers wanting to know ‘Why?' This raises a key question: What level of return on their investment—over what time—should investors have a right to expect?

Westpac Financial Services needed communication materials that would help them manage customer expectations. They invited InfoCLEAR to help.

InfoCLEAR's response was based upon a simple model for financial consultation. In the interview, the financial adviser would offer the customer a window (clarify future goals), a picture (recommend suitable products) and a mirror (confirm awareness, understanding).

Rob then helped design support materials for this process. These materials explained in simple terms how specific investment products work. The concepts developed were then carried through into prospectuses and other customer communications.

 

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Managing customer expectations