Smith & Williamson is always keen to provide the highest quality service to clients. We monitor client satisfaction and perception of our services in the marketplace and so recently commissioned a survey from Resolve Marketing UK Limited. 33 clients (finance directors (FDs) and audit committee chairs) and 35 nonclient FDs were interviewed. A number of conclusions were drawn regarding Smith & Williamson specifically, as well as perceptions about the audit market generally. The survey also enquired as to what are the current concerns of FDs. We were able to compare results to those of a similar survey undertaken on behalf of Smith & Williamson in 2007.
Challenges for the RP sector
56% of respondents considered uncertainty and change in government policy to be their biggest challenge compared to 23% in 2007. Conversely, 21% of respondents were most concerned about the economic climate in 2007 compared to 3% in 2011. This is despite the current recession and confirms that changes and uncertainties in government funding are expected to have a greater impact on the RP sector than the present economic climate – although arguably the former is a byproduct of the latter.
There was a marked (though perhaps unsurprising) change in opinion regarding regulation. In 2007 76% of respondents agreed (with 7% disagreeing) that there was too much regulation in the sector. In 2011 only 27% agreed and 51% disagreed.
Opinion regarding zero-carbon homes has also moved significantly over the four years between surveys. In 2007 66% agreed (14% disagreed) that zero-carbon homes should become standard, whereas in 2011 only 32% agreed and 38% disagreed.
Client and non-client FDs were asked how helpful their auditors were in assisting them to respond to the challenges identified. 68% of Smith & Williamson clients felt that the help given by their auditors was either good or very good, compared to 65% of non-client FDs.
Smith & Williamson services
Key findings of the survey were as follows.
- 96% of client FDs stated that Smith & Williamson's performance met or exceeded expectations.
- The percentage of those whose expectations were exceeded had increased significantly compared to 2007.
- 26 out of 28 client FDs would recommend Smith & Williamson and 50% of them already had.
A surprise for the Smith & Williamson team was the view expressed by 54% of clients that Smith & Williamson should improve their communication about additional services provided by the firm. We will of course be addressing this point.
Awareness of the firm is high, with 94% of non-client FDs being aware of the firm and 41% having had direct commercial or personal contact with the team. There was an increase in those that felt that Smith & Williamson was "very" rather than "reasonably" well known compared to 2007, reflecting a considerable improvement in the firm's profile.
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