What customers want from their financial adviser

Wealth-Management-Adviser
Wealth-Management-Adviser

Article by Christina

A recent survey by Boring Money has showed some interesting insights into customer attitudes towards advice since lockdown. The research still shows a wide variation in individual client requirements as you’d expect, so how many of these findings apply to you?

  • Some clients reported a preference for a number of short (10 – 15 minute) online reviews rather than a longer annual review in the Office.
  • Over 75% of clients are now comfortable to talk to their adviser online.
  • The “Value” of being advised is perceived to be between 10-30% in monetary terms.
  • Some clients reported feeling “safer” using large firms with lots of advisers.
  • On the other hand, just as many clients reported that they valued the individual adviser even if they were at a small firm.
  • 58% of clients approached a financial advisor because they wanted to review their circumstances ad finances, whilst 56% contacted an adviser because they were approaching retirement and 51% because they had received an inheritance.
  • Many clients reported being “concerned” that they might make “bad decisions” in the current climate if they didn’t have an adviser. Many also wanted reassurance that their finances were in “good hands” and being looked after by a professional.
  • Over 80% of advice companies have reported that they are seeing and advising more new clients post lockdown than they were before, indicating that people might be turning to advice.

We’ve certainly seen all of the above expressed by our own clients and we are now seeing more new clients than ever before, so this survey seems to be a pretty accurate reflection of what seems to be happening.

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