- Building a personalised plan (41 per cent)
- Consistency and continuity (39 per cent)
- Behavioural coaching (36 per cent)
Defining value to clients
With increasing pressure from direct digital routes to investment solutions and ‘advice’, plus the new consumer duty regulation, financial advice professionals would benefit from communicating with clients that they offer far more than technical solutions.
The human element should never be taken for granted – something that is often lacking when automation takes centre stage.
Anyone who has ever tried to call major corporations such as utility or telecommunications companies will know how frustrating it is to have to hang on the telephone for what seems like an age to be able to speak to a real person – if that option is even available (artificial intelligence is making online ‘bots’ increasingly common).
A good suggestion was made by PortfolioMetrix in its report: "It’s worth considering surveying clients to assess what they perceive as value from the relationship".
This can be very useful for flagging areas that could be strengthened and can act as a timely reminder that clients have a personal service with their needs at its heart available for when they require it.
Recruitment
Finally, our report for Fidelity Adviser Solutions highlighted that thought needs to be given to the qualifications required when searching for new recruits to a firm.
There are the obvious ones, relating to numeracy and business management, but it is interesting that psychology is also listed.
Obviously, it is not essential to have a degree in psychology to be able to interact with clients, but it shows how some advice firms are adapting their requirements to place more emphasis on the softer skills demanded by the role.
Certainly, the soft skills outlined in the reports referenced in this article are competencies that should be taken into consideration when recruiting, regardless of hard and fast qualifications.
Indeed, dare I mention the ‘s’ word – sales. It could be argued that sales skills are still highly relevant.
Speaking with advisers, we have found that consultative sales skills are regarded as very much still part of the job and advisers need to be competent and confident in drawing out a client’s underlying objectives and presenting a solution.
To sum up, it is easy to measure and quantify financial results, but it is also easy to underestimate the importance of the soft skills.
It is these that could turn out to be what your clients value the most.
Heather Hopkins is managing director of Next Wealth
