Demand for planners to work longer hours
The contemporary customer expects new standards of service from financial planners and their staff, meaning common periods of office closer over Christmas or other holidays will likely become a thing of the past, said Mentor Education Group.
Mentor Education Group chair, Dr Jim Taggart said planners needed a work-life balance, but would also be expected to work to the needs of modern day clients with the career path now “not an undertaking for the feint-hearted”.
“The contemporary prerequisite of the customer service experience has created a threshold that demands the creation of new standards for any financial planning practice principal to adhere to in order to compete for the demanding and discerning consumer’s precious dollar,” he said.
“There is a 24/7 world and client death, injury, illness or unexpected financial calamity events don’t occur conveniently during office hours.”
Taggart stressed office closure over long holiday period which included Christmas were now also not suitable for competitive workers.
“Trust is built up over time and it occurs on each and every occurrence when a client calls the office to the P2P engagement with the planner of staff,” he said.
“It’s how a practice responds to…contingencies that differentiates the best from the ordinary.”
Mentor Education Group founder, Dr Mark Sinclair said being this responsive to clients’ needs was the norm for many professions these days, and not unique to financial planning or the financial services industry.
“Unforeseen emergencies that inevitably arise…can potentially damage the business brand and client relationship,” he said.
In a post future of financial advice (FOFA) era, Sinclair said expectations would continue to become more pronounced.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
