Aug 19, 2026 · 36 min · 13 segments
In this episode of The Purposeful Strategist, Belden Menkus speaks with David Hynam, CEO of LV= about leading a financial mutual with no shareholders, over a million members, and a purpose that dates…
David HynamGuest
Belden MenkusHost
One other thing, maybe a bit slightly off-piste, but you talked about sort of customer service.
Just curious, do you, you know, are you using any external benchmarks or, you know, things like the Institute of Customer Services or whatever, you know, are you using things like that to help you know that it's not just us believing our own rhetoric, but actually there's independent advice, independent evaluation?
We do a lot of research where we ask customers to give us feedback and we do that after every transaction that we have with customers who contact us by phone, for example.
But we also do a lot of benchmarking externally and we get a lot of feedback from advisors because being largely intermediated, of course, advisors are very happy to tell you what service offer is like from competitors.
So we get a lot of insight that just falls in your lap as well as going out and doing research.
I've been around the sort of financial services world long enough to have heard the death of the IFA multiple times.
And yet they seem to be robust and thriving, and you're clearly seeing them as a useful way to connect with customers who want to connect with you.
I think customers make choices about how they want to interact with financial services.
I think that many, if you think about any other walk of life, you probably wouldn't go and buy a product you knew nothing about without researching it.
And if you thought it was going to be one of the biggest parts of your life, your retirement savings, for example, I think you'd want to go and get independent financial advice to support you in that.
So I I think we should always recognize that IFAs have a very important and professional role to play in the market.
And like you, I've been around in financial services a long time and I've heard many, many versions of that same story.
One other thing, maybe a bit slightly off-piste, but you talked about sort of customer service.
Just curious, do you, you know, are you using any external benchmarks or, you know, things like the Institute of Customer Services or whatever, you know, are you using things like that to help you know that it's not just us believing our own rhetoric, but actually there's independent advice, independent evaluation?
We do a lot of research where we ask customers to give us feedback and we do that after every transaction that we have with customers who contact us by phone, for example.
But we also do a lot of benchmarking externally and we get a lot of feedback from advisors because being largely intermediated, of course, advisors are very happy to tell you what service offer is like from competitors.
So we get a lot of insight that just falls in your lap as well as going out and doing research.
I've been around the sort of financial services world long enough to have heard the death of the IFA multiple times.
And yet they seem to be robust and thriving, and you're clearly seeing them as a useful way to connect with customers who want to connect with you.
I think customers make choices about how they want to interact with financial services.
I think that many, if you think about any other walk of life, you probably wouldn't go and buy a product you knew nothing about without researching it.
And if you thought it was going to be one of the biggest parts of your life, your retirement savings, for example, I think you'd want to go and get independent financial advice to support you in that.
So I I think we should always recognize that IFAs have a very important and professional role to play in the market.
And like you, I've been around in financial services a long time and I've heard many, many versions of that same story.
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