Balance sheet can identify planner quality
The effectiveness, level and quality of a financial planner’s client services can be measured and quantified in the balance sheet and accounts of a financial practice, Mentor Education believes.
Mentor Education group chair, Jim Taggart, and founder and director, Dr Mark Sinclair, said planner quality could be identified in the planning business revenue in fees charged and longevity of client retention.
“Yet another measure will be the number of new clients introduced to the practice by satisfied clients referring the planner to family, friends, peers and business associates,” they said
“All because the client is confident they are at the centre of the planning business and their financial well-being and lifestyle, protection, wealth accumulation and retirement aspirations will be serviced long after their adviser has retired and exited the industry.”
Taggart said true financial advice and service was an end-to-end commitment that reflected the lifelong journey of the advice process that culminated with the client’s retirement, investment strategy maturing or a claim processed.
“With so much on the line for clients, planners and the client service delivery model have to perform at their best every time without fail to ensure client trust and confidence is maintained,” he said.
Sinclair noted that planners and practice staff needed to ensure that ongoing professional, personal and academic growth were a constant operational norm and commitment.
He added that a planner’s ‘use by date’ would expire long before those of their clients, and exit and succession and a seamless transition in a merger and acquisition process was a vital component of service and client commitment.
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