Clients demand integrated advice
Financial planning clients are increasingly demanding integrated advice services such as mortgage broking and/or accounting services in addition to financial planning from their advisers, according to National Australia Bank (NAB).
NAB-owned financial planning licensee, Apogee, was transitioning towards integrated advice services as they found clients were increasingly asking advisers to broaden their service offer.
Apogee general manager, Brendan Johnson, said: "To succeed in the future, advice businesses will need to respond to changing client preferences".
"What clients are saying in this research is that they value their adviser and the advice relationship highly, but if their advice business does not currently provide advice on debt, tax, and other areas, clients are asking for them to broaden the services they offer."
Independent research commissioned by Apogee showed that its licensed businesses returned an average client net promoter score (NPS) of 55, compared to the financial planning industry average of 10.
Apogee said it was providing support to advisers who had previously provided insurance-only advice or mortgage broking-only advice to broaden their scope to provide advice in cashflow management, lending, financial planning, superannuation and wealth creation, as well as accounting and tax services.
AUTHOR
Malavika Santhebennur
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