While these problems can be quite debilitating and damaging for the firms and the team, they are easily fixed once identified.
The biggest problem links to a few of the points above — advisers and planners that run firms continue to apply the same knowledge and skills to their business that they do to their external "financial planning" client relationships, and unfortunately they are two different jobs needing a different set of skills.
Experts are needed to deliver great financial planning and advice and the same can be said that experts are needed to transform a firm from surviving to thriving.
FTA: What's the key to a successful client relationship?
MH: Trust is the cornerstone of any successful relationship. Trust is hard to build but easy to break down because it is built through transparency, clear communication and consistently delivering on promises.
It's about showing that you understand, care, have heard, and have their back. Regularly checking in with the clients, seeking their feedback and demonstrating a genuine interest in their well-being can go a long way in building trust.
FTA: How can an adviser effectively assess the value they provide to their client?
MH: We all know that assessing the value provided to clients goes beyond financial returns. It involves looking at the broader impact of the advice on the client's life.
This could include increased peace of mind, confidence in financial decision-making, progress towards life goals and what I consider most important: empowering the client to "own" their life and decision-making.
Regular client check-ins and surveys can provide valuable insights into a client's expectations, satisfaction and perceived value.
FTA: How well are firms equipped to attract and serve the next generation of clients?
MH: Attracting and serving the next generation of clients requires a shift in mindset and approach.
Younger clients are tech-savvy and expect seamless digital experiences with minimal obstacles to accessing what they want, when they want it. They value transparency, social responsibility and personalised service.
Firms need to invest in technology that enhances digital engagement, adopt more flexible and transparent fee structures and demonstrate their commitment to social and environmental responsibility.
They also need to understand the unique needs and preferences of this demographic and tailor their services accordingly.
carmen.reichman@ft.com
