Planners not focusing on client rapport
The increasing focus on technical skills from advisers means financial planning firms are forgetting about the soft skills a relationship manager role can bring.
That is the view of Connect Financial Service Brokers CEO Paul Tynan, who said as new planning business models emerge over the next decade, firms will need a relationship manager.
"During the past 10 years there has been very little focus on the soft skills of the planning role," Tynan said.
"Instead the spotlight has been on lifting technical standards and as a result the fundamentals of building client rapport, interpersonal engagement and relationships have been lost."
Tynan said human resources consultants and firms seeking planners often say "they have excellent technical skills but I can't put them in front of a client".
He added that unlike their baby boomer predecessors the new generation is opting for communication via social media over face-to-face interaction, and do not have confidence in the communication area.
Planners need to meet new clients, communicate the advice and service offerings and then match clients to the most suitable businesses. Then they need to monitor these referral relationships, and spot new referral prospects.
"In this rapidly moving hi tech social media era, the relationship managers will be of immense benefit to practice owners utilising the skills and experience of Baby Boomer advisers that have either just retired or sold their practices to develop new networks and business relationships'" Tynan said.
AUTHOR
Malavika Santhebennur
Recommended for you
A third private equity player has emerged in the bidding war to acquire Insignia Financial, rivalling Bain Capital and CC Capital.
The proportion of advisers working at a privately owned licensee rose to 78 per cent in the fourth quarter of 2024 as over 1,000 advisers left a diversified firm.
Advice around a client’s concessional contribution cap was the reason for the latest written direction by the Financial Services and Credit Panel.
The financial advice business has expanded its range of services with the introduction of Apt Wealth Legal Services to meet clients’ evolving needs in estate planning and family law.
