BBL goes direct to the top with service gong
BBL Funds Management has been acknowledged as Australia's best provider of retail financial services through a direct channel, according to new findings released by Sydney-based research and advisory group, Knowledgebank.
Rothschild Australia Asset Management and AMP Banking received high commendations - finishing second and third respectively in the inaugural awards programme.
The awards are the result of a comprehensive study into the service standards of 17 financial services organisations.
BBL took first place honours for the most consistent performance across a range of benchmarks and ratings.
Researcher Michael Parker says both Rothschild and AMP performed well in the call centre stakes, but were let down by some elements of their fulfilment.
"Both companies provide prospects with a high quality fulfilment pack, but delivery was a minus," Parker says.
However, he says these companies ranked streets ahead of some of the poorer performers, who were found to be "haphazard" in their performance in nearly all categories.
Also, providers which do not openly admit a direct channel, such as BT Funds Management and Colonial First State, performed middle of the road, not far behind dedicated direct channel businesses such as DirecDial Insurance.
Knowledgebank found organisations that lead their direct channel strategy with a limited number of well-constructed offers and pursue their direct strategy overtly are the best performers.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
