Planners’ fatal flaws lie in communication
The failure to ask open-ended questions or listen to the goals and feedback of clients are among the most frequent errors that cost planners clients, according to advice communication experts.
Speaking at the Financial Planning Association's (FPA's) Congress in Adelaide, iCommunicate directors Andrew Whelan and Yves Stening said if a client doesn't feel like their goals are priority one, they are likely to discontinue the relationship.
They said while time pressure was a legitimate concern of many planners, emphasis had to be placed on pre-preparing for client consultations.
One such way mentioned was to call the client before the meeting for a quick briefing and survey of their goals.
They said other small things, like remembering family details and financial history, could greatly enhance client relationships.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
