THOUGHT LEADERSHIP

Does the industry set up advisers to engage more deeply ?

Developing soft skills in a functional industry In a heavily regulated industry , ongoing training is essential to stay up to date with changing economies , legislation and products . And now more than ever , there ’ s a heightened industry focus on client outcomes . But are advisers able to access training consistently when it comes to building long-lasting relationships with their clients ? One adviser explains : “ There ’ s very little out there about client relationships . There is some training for building relationships to generate leads , but there is very little in terms of rapport building and building the soft facts with clients ”. Getting to know clients on a deeper level can aid your understanding of how they think , what their emotional barriers are and how they view the long term . However , in an industry that ’ s grounded in the functional exchange of information , advisers are learning soft skills through experience . This could create inconsistencies in advisers ’ core communication skills . But advisers are ready to engage their clients on a deeper level and aren ’ t afraid of talking about emotionally charged issues .

Advisers envisage a different future Client-orientated advisers are ready to embrace coaching philosophies and are comfortable talking about holistic advice . Our research shows that advisers want to place a greater focus on the client ’ s emotional relationship with their finances as a starting point , rather than just looking at the functional . But is there adequate support in the industry to support this ? One adviser says : “ I would love to make it more about financial coaching , seeing how I could integrate that into what I do already . In the industry , coaching and traditional advisory are perceived as two separate entities ”. This shows that while advisers are open to change , there is a disconnect between the traditional and emotional side of advice . So , why is it so important to bridge this gap ?

Financial advice in a digital age Advisers face increasing competition from digital platforms that offer do-ityourself solutions for clients . Potential clients can independently search for practical recommendations online . They can also become part of communities that share tips and examples . This can offer clients a sense of control and enable them to seek out information on their own . There are behavioural drivers that impact the way clients think long term and their decision-making . Some clients might also find it difficult admitting they don ’ t know more about their finances , have cognitive strain from information overload or think that their circumstances will never change . So , making the most of person-to-person interactions is critical , especially when it comes to helping clients plan long term .

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