Advisers have become more aware of the need to act as a facilitator for all their clients’ financial needs in a post-FoFA world, says one industry expert.
The risk store’s Founder, Sue Laing, said the group had received a marked increase in enquiries about estate planning training over the past 12 months, indicating that advisers are scrutinising their service proposition, and want to provide a more holistic, facilitative service offering for their clients.
According to Ms Laing, advisers now understand that, regardless of the advice that went with it, the sale of products alone isn’t going to ‘cut it’ anymore in this new world order of client best interest.
“We are finding our members are at last becoming more aware of the importance of being seen as a facilitator, as well as offering valued advice within a long term client/adviser relationship,” Ms Laing told riskinfo.
“The opportunity always existed to move the client/adviser relationship from transactional-based service to a more holistic-solutions-driven outcome. It’s not news to any of us but the reaction of many advisers has been slow. Our golden rule is that if (the vast majority of) your clients aren’t seeing a specialist estate planning lawyer after or while they see you, then your job isn’t finished.”
… clients are becoming increasingly savvy and expectant of a better overall service and value proposition from advisers
Ms Laing said a strong contributing factor to this change in self-perception was the pressure from licensees’ professional standards teams, who now concern themselves with more than the single activity advice-and-sale process.
“Add to this the fact that consumers, our clients, are becoming increasingly savvy and expectant of a better overall service and value proposition from advisers.
“The message is that risk advisers (and financial planners advising on risk) are very firmly in the box seat when it comes to being important facilitators in the clients’ estate planning,” Ms Laing said.
To help advisers develop the skills necessary to provide estate planning services to their clients, the risk store is hosting a series of two free webinars later this month. The sessions will include tools to help with the facilitation role, and guidance on how to develop an estate planning proposition. Click here for more details.
