What is the most important attribute consumers are looking for when choosing their financial adviser?
- Trustworthiness (38%)
- Understanding and Empathy (16%)
- Honesty (13%)
- Personal Relationship (12%)
- Confidence (8%)
- Technical Knowledge (5%)
- Willingness to Listen (5%)
- Experience (1%)
- Positive 'Word of Mouth' Referral (1%)
- Patience (0%)
Our latest poll takes a break from FoFA-related issues and turns its attention to what advisers believe their clients expect them to deliver. Based on our story this week about what American clients expect from their financial advisers, our latest poll question asks:
What is the most important attribute consumers are looking for when choosing their financial adviser?
The answer to this question for middle-income American consumers is possibly a surprise, where the most popular attribute they sought from their adviser was technical knowledge, ahead of characteristics such as trustworthiness and honesty, etc… (see: Top Ten Adviser Checklist for Meeting Client Expectations)
Do you believe the same also applies to Australian consumers? What does your own experience tell you is the single most important attribute you believe your clients and prospective clients are seeking in you? It’s not an easy question to answer because you can only select one of the options.
This question goes beyond the impact of any regulatory reforms because the answer you select should be the same answer irrespective of the rules under which financial advisers operate now or in the future. It’s about what you believe your clients see in you.
Let us know and let your fellow advisers know what you think, and we will report back next week…
Add your comment now
3 Comments
I think clients want all of those things and most professional adviser to a degree provide this depending uopon the clients circumstances and personality type.
No one is perfect not even Shorten or Weaven but if you believed them they are the only ones who know whats best for clients, smacks of a Socilaist Agenda, comrades
It’s an interesting question. “When choosing” At the beginning a consumer may not have a personal relationship nor have any idea about how honest or trustworthy the adviser will be. I would say experience, technical knowledge and understanding and empathy would rank about equal (when choosing). The other attributes can be built after the appointment is made.
A client may want many things, but have no idea of what to expect when meeting anyone, let alone an adviser for the first time.
All the options are good points anyone would choose. Perhaps the question would be more around, if the client sees 10 different advisers, why did they choose that one.
And the answer is likely to be different nearly every time.
Otherwise there would one be one adviser!