Clients demand integrated advice

mortgage-broking/finance/NAB/

21 October 2016
| By Malavika |
image
image
expand image

Financial planning clients are increasingly demanding integrated advice services such as mortgage broking and/or accounting services in addition to financial planning from their advisers, according to National Australia Bank (NAB).

NAB-owned financial planning licensee, Apogee, was transitioning towards integrated advice services as they found clients were increasingly asking advisers to broaden their service offer.

Apogee general manager, Brendan Johnson, said: "To succeed in the future, advice businesses will need to respond to changing client preferences".

"What clients are saying in this research is that they value their adviser and the advice relationship highly, but if their advice business does not currently provide advice on debt, tax, and other areas, clients are asking for them to broaden the services they offer."

Independent research commissioned by Apogee showed that its licensed businesses returned an average client net promoter score (NPS) of 55, compared to the financial planning industry average of 10.

Apogee said it was providing support to advisers who had previously provided insurance-only advice or mortgage broking-only advice to broaden their scope to provide advice in cashflow management, lending, financial planning, superannuation and wealth creation, as well as accounting and tax services.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS