Client relationships should mirror marriage: Perpetual
CLIENTS are engaging in a courting process when seeking a financial adviser that mirrors dating and are essentially after a long-term relationship similar to marriage, according to qualitative research commissioned byPerpetual Investments.
The research, which showed that clients regularly visit between two and six advisers before making a decision, sought to establish the process by which clients choose their adviser and what they looked for in the partnership.
The research showed that clients were looking for a life-long partner that would consider both their emotional and financial needs.
Clients identified their need for advisers to service their emotional needs prior to their financial needs, especially in situations where they felt vulnerable.
“Clients sometimes think that a purely financial assessment, involving a list of financial questions, is very impersonal — it feels like they are filling in a standard form,” David Crowley, general manager of adviser distribution at Perpetual, says.
The research also found clients did not want to feel like they were being “weeded out” of the decision making process in regards to their investments, and liked advisers who were able to explain complex ideas in language they could understand.
They were also impressed by frequent communication and the perception of accessibility from their advisers.
The qualitative research, undertaken by Jane McGettigan Research, involved focus groups with individuals who had consulted an adviser within the past 12 months. Their ages ranged from 30 to above 50 and included individuals who were dissatisfied as well as those who were happy with their advisers.
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