Planners failing on interpersonal relationships
While the Australian financial advice sector is displays strong consumer protection capabilities and technological prowess, planners are lagging behind their Asian counterparts when it comes to building a crucial interpersonal client relationship, according to Mentor Education Group.
The chairman and non-executive director of financial training provider, Mentor Education Group, has called on the financial planning industry to recognise the importance of building strong personal relationships with clients in order to maintain the nation’s position as a planning stronghold, ahead of a presentation at the inaugural International Training Summit for Life Agents and Financial Advisers in Singapore next week.
Dr Jim Taggart said that Australian advice models had both a lot to teach and a lot to learn at the event which would gather around 1000 life agents and planners to discuss key challenges faced by advisers in the modern era.
“The Australian financial services sector is regarded as a global leader in most countries acknowledging that in the near future, they too will be required to adopt Australian advances in education, training, compliance, technology, disclosure, professional development and related standards,” he said.
“Unfortunately, what has been overlooked by many in Australian financial services is the importance of interpersonal relationships – an area in which Asian cultures excel.”
Dr Taggart said the Mentor Education Group presentation would affirm the cruciality of good relations with staff, alliance partners, and clients.
“They are the bricks and mortar of any successful commercial venture…the most important asset in any business is value of the relationships developed by the planner over time,” he said.
“It’s called social or relationship capital and it’s the first all-important building block Asian cultures demand be in place before two people or companies engage in a commercial undertaking.”
The first International Training Summit for Life Agents and Financial Advisers will be held from 11-12 July in Marina Centre.
AUTHOR
Hope William-Smith
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
