Feedback from a recent survey has served to clarify how consumers see the role of financial advisers.
According to AFA CEO, Richard Klipin, the survey outcomes delivered a series of ‘…light bulb moments…’ in terms of insights as to how consumers perceive financial advisers and how they add value.
One of these light bulb moments addressed how the role of the financial adviser is perceived by the public. These three perceived roles of the financial adviser revolve around:
- Strategic advice
- Tactical advice
- Implementation of recommendations
The strategic role involves coaching and guiding clients through the various changes they will face throughout their lives, and helping them to make the big life decisions.
The tactical role is around providing expertise on insurance, investments and superannuation and putting in place a plan that is suited to the individual’s needs.
Lastly, a key role of the adviser, through the eyes of the consumer, is to implement the financial plan that has been put in place, make adjustments along the way where necessary and most importantly, keep clients on track to reaching their goals.
The survey, conducted for the AFA by CoreData, formed the basis of the AFA’s Back to Basics white paper, which we have reported on previously (see: Consumers Better off Working With Advisers).
Taking the results of the survey to advisers earlier this month as part of the AFA Masterclass series, Mr Klipin highlighted these and other light bulb moments to advisers, confirming the central proposition of the findings, which stated that:
… consumers who have an advice relationship are better planned, are happier with their investments, have a financial coach to help with major life decisions, provide peace of mind, administer of financial affairs and assist in facilitating a path to financial freedom.
The role of the adviser now and in future will be put under the microscope at the AFA’s National Conference 2010 on the Gold Coast from 24 – 26 October, as well as at the Association’s inaugural Small Licensee & Practice Principal Conference, which will run concurrently with the Annual Conference.
