Positive client relations key to solid financial wellbeing
Clients are deciding the value of their financial planner from their ability to understand to their needs and circumstances and willingness to invest in helping with long-term financial goals, according to Centrepoint Alliance.
In a presentation at the Adviser Ratings’ FinForward conference, Centrepoint Alliance managing director, John de Zwart, said the professionalism and advice provided by planners were not the strongest factors which attracted them to clients.
“Of course advisers must have the competence, technical skills and product knowledge to give quality advice. From a client’s perspective, these should all be givens,” he said.
“In terms of a client’s financial wellbeing, research shows that clients receive the greatest value from the act of planning and achieving their financial goals over a period of time.”
De Zwart said advisers could not lose sight of client wellbeing which was vital to their image as a trusted adviser.
“Clients understand it is a journey and as long as they feel they have a clear plan and you are guiding them on the way, they will have a much stronger sense of wellbeing,” he said.
“Having a financial plan that addresses their changing circumstances gives people a sense of control over their financial affairs.
“It also helps to remove the uncertainty and worry which has a negative impact on people’s wellbeing.”
AUTHOR
Hope William-Smith
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
