U.S. Equity Money Managers Are Surveyed for Client Satisfaction
In April Barra conducted its first U.S. equity client support survey, with the assistance of Kris Schaeffer & Associates. We asked 530 of our clients to rate the levels of knowledge and skill required in each of six support functions for representatives to be effective. We then asked how well Barra has met their expectations in these areas. The questionnaire focused on these six aspects of client service: initial client contact, knowledge, establishing and maintaining rapport, responsiveness, communication, and quality of work and attitude. Respondents rated representatives on a scale from one to nine, with one indicating least and nine most knowledge/skill.
We also solicited written comments by asking three open-ended questions:
What is the most valuable element of Barra’s service to you?
What area needs the most improvement?
What additional services would you like Barra to provide?
We received 63 completed questionnaires. An exceptionally high percentage (90%) contained written answers to the open-ended questions as well as valuable additional comments. Figure 1 shows the aggregate scores for the six areas covered in the questionnaire.
Figure 1: Barra client satisfaction aggregate survey scores
Make it stand out
Barra has made several changes in an effort to address both the client expectations identified by the survey as well as our ability to meet these expectations:
We have augmented our support function with a nationwide Help Desk at 510.649.6400, staffed by four analysts familiar with our product installation, update and system issues. The Help Desk can handle most incoming support questions, and we encourage clients to use this service freely. Clients are also welcome to call their regional client support representatives directly.
We have increased the size of the Equity Sales and Client Relations group from 18 to 27.
We have substantially increased the East Coast client support presence from one full-time consultant to eight New York-based client support representatives.
We will continue to monitor our performance by administering the client support survey twice a year.