Clients are disengaged with lengthy financial plans and could benefit from a clear and concise, one-page overview in order to understand and value the advice received, according to Astute Wheel.
Johann Maree, Astute Wheel practice development manager, said the adviser-client experience had changed over the years.
“For many years, financial advisers have delivered the same advice experience to their clients and although many financial advisers love the analysis this – and the 50 plus page legalistic financial plan – does not engage their clients,” he said.
“What clients want is an executive summary – a bottom line and solution to get them where they need to go. By having a digital and client-friendly one-page overview of the client’s position, advisers can creatively and collaboratively engage with their clients all the while determining the relationship between income, expenses, assets and liabilities, as well as determining how the clients are funding for what matters to them.”
Clients’ expectations from communication from their adviser had also changed from periodic meetings to ongoing guidance which provided greater insight into investment portfolios. This included the use of secure portals where they could view their portfolios online.
He said clients most valued the financial advice they received when it allowed them to achieve peace of mind and fulfilment rather than simply focused on money management and financial goals, particularly if they related to complex financial situations.
“Meaningful engagement happens when clients can be involved in the process and see in real time how their world can be positively changed for the better,” Maree said.
“The discovery meeting is unashamedly all about the clients: discovering their story, understanding why they made their financial decisions, working through their values and goals and putting meaning to their money.
“By redefining the service proposition and enhancing it with a digital overlay, advisers will continually remind clients of the value of advice and entrench the adviser-client relationship, build trust and business growth in ways which extend beyond the annual progress meeting.”