{"id":42419,"date":"2018-09-28T15:00:48","date_gmt":"2018-09-28T05:00:48","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=42419"},"modified":"2018-10-02T17:21:51","modified_gmt":"2018-10-02T07:21:51","slug":"adviser-study-quantifies-value-of-client-centric-practices","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/09\/28\/adviser-study-quantifies-value-of-client-centric-practices\/","title":{"rendered":"Adviser Study Quantifies Value of Client Centric Practices"},"content":{"rendered":"

Financial advisers who engaged in \u2018know your client\u2019 behaviours and practices had greater rates in the growth of clients and referrals to new clients, according to a three-nation survey of advisers.<\/p>\n

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AFA Chief Executive, Phil Kewin<\/figcaption><\/figure>\n

The \u201cKnow Your Client\u201d Benchmark survey was conducted among 300 client-facing advisers from Australia, New Zealand and the US between July and September this year and found those who used the behaviours and practices had 72 per cent higher net client growth.<\/p>\n

The survey also found those advisers also had 56 per cent more clients willing to recommend their services to family and friends.<\/p>\n

The study found these rates were common among ‘behaviouralist’ advisers who used new tools and technology to focus on their clients\u2019 actual behaviours and not just what clients report or say.<\/p>\n

This segment of advisers saw significantly higher client willingness to recommend, double the referral rates and nearly triple the net client growth rate compared to other advisers.<\/p>\n

The survey questions aimed to identify the specific building blocks advice professionals can and should engage in to know their clients, spanning foundational to advanced behaviours and techniques.<\/p>\n

“…advisers who have strong relationships with their clients have strong businesses”<\/h6>\n

The study also found that advisers find more personal fulfilment from deeply understanding their clients, and those highly proficient in knowing their client spent more time directly engaging with family of their client and\u00a0were 40 per cent more likely to discuss aging-related lifestyle transitions, as well as cognitive decline, with their clients and families.<\/p>\n

AFA Chief Executive Philip Kewin<\/strong> said the study confirmed the Association\u2019s belief that the human aspect of the advice relationship was important to both advisers and clients.<\/p>\n

\u201cIt reveals that advisers who have strong relationships with their clients have strong businesses. Advisers with strong client relationships can potentially deliver superior outcomes, because they have a genuine understanding not just of the client\u2019s specific needs, but also of the client as an individual,\u201d he said.<\/p>\n

The study was supported by an international coalition, which included:<\/p>\n