Mutual fund firms do a good job of providing assistance to prospective clients,, according to a new study by Corporate Insight. The fund firms were asked five questions about opening an account and were then graded on how well they handled initial contact, and provided informational and sales support. None of the 18 firms surveyed received a failing grade.

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In a recent research report, Corporate Insight, a leader in researching and benchmarking the customer experience at financial services firms, analyzed the effectiveness of phone–based customer service provided to prospective investors by 18 mutual fund firms. The following questions were asked during each call:

* Can I open an account online?
* If so, where do I begin and what information should I have ready? How long does the entire process take? Is there a minimum account balance?
* If not, how do I obtain an application?
* How do I register for private site access to view my account online?
* What functions can I perform online after registering?

In reviewing each firm’s response to these questions, the firms were graded on how well they handled initial contact, and provided informational and sales support. Most of the firms fared quite well in the overall rankings.

“Of the 18 firms we follow, none of them received a failing grade, while over 60% were middle of the road,” said Joseph Gittens, Senior Analyst at Corporate Insight and author of the Mutual Fund Monitor report. “We were especially impressed by two firms who clearly understand the importance of professionally handling customer service calls and making sure the caller gets answers to their questions in a timely manner.”

In this 29 page report, entitled: “Customer Service Phone Calls: A Prospective Clients Experience www.corporateinsight.com/ci.asp?men=cus&cus=rdp&index=565&tab=a”

Corporate Insight takes an in-depth look at how mutual fund companies handle incoming calls from perspective clients. This report examines 18 mutual fund firms, and includes detailed findings of Corporate Insights experience with each firm, as well as recommendations for implementing or improving their phone-based customer service.

For more information on this research and related services, please visit: www.corporateinsight.com.

About Corporate Insight

Corporate Insight is a leading provider of competitive intelligence, analysis, and consulting services to the financial services industry. Founded in 1992, the firm has a blue-chip client base of industry leaders who rely on the company’s commentary and insight gleaned through years of research examining the issues and trends that have shaped the industry. CI monitors the top firms on an ongoing basis, measuring, analyzing, and communicating industry best practices. Its products include Bank Monitor, Broker Monitor, Credit Card Monitor, e-Monitor, Mutual Fund Monitor, Mutual Fund - Advisor Monitor, and Annuity Monitor, as well as custom project work. For more information, please visit www.corporateinsight.com. 

Edited by: Erin Kello


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