< Back to News and Press


MKC Wealth links the pay of its staff, including the CEO, to client feedback

MKC Wealth today announced that it has linked the pay of all staff to client feedback. Dominic Rose, MKC Wealth’s CEO, said he took the lead on the feedback-related pay initiative from the Financial Conduct Authority’s (FCA) Consumer Duty rules which comes into force in July 2023.

The rules require firms providing advice to consumers to put customers at their heart. Central to this is the need to promote and monitor customer understanding and good outcomes. The FCA recommends collecting client feedback to help with this.

Dominic Rose said: Just collecting feedback is not enough, and is pointless unless it is acted upon, so that’s what I have done. All MKC Wealth staff are now shareholders via an employee benefit trust (EBT). Their shareholder value is linked to a sustainable business which puts its clients at its centre. Everyone’s pay, including mine, is directly linked to the feedback the firm gets from its clients.”

He added: “It is impossible to achieve these important goals without collecting robust client feedback throughout the client journey, and embedding it properly within the business. Feedback should directly influence employee behaviours, and be used to support training and development. Clients also need to know feedback is acted on. This is a simple concept: happier clients result in bigger pay packets.”

MKC Wealth has adopted VouchedFor’s Elevation platform to collect client feedback and embed it into their business. Elevation shows firms how their clients’ experience compares with the rest of the industry, and the specific things they can do to drive improvements. The platform determines the proportion of clients who are “passionate advocates”, clients who are so delighted with the service they receive, they will proactively recommend their adviser.

It is this passionate advocacy rate that MKC Wealth uses as the number one key performance indicator for all its staff.

The data from the Elevation platform flows through into adviser one-to-ones, appraisals, training and internal recognition awards. Each MKC Wealth adviser has access to a dashboard showing their individual strengths and areas to improve, to aid self-management.

Rose said: “It’s early days but our Elevation data shows at a firm level we score well versus the industry in areas like communication frequency and building trust and rapport. But there’s an opportunity to improve in ensuring our correspondence is as clear as it can be.  As we grow, the MKC Wealth team is passionate about building a culture that puts clients at its heart. Truly listening to our clients and acting on their feedback will have a vital role to play.”

In the Consumer Duty’s accountability and governance requirements, the FCA expects firms not only to collect the right data, but to ensure it drives decision-making at every level.

6 February 2023