{"id":43725,"date":"2019-02-19T13:08:21","date_gmt":"2019-02-19T03:08:21","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=43725"},"modified":"2019-02-20T06:19:33","modified_gmt":"2019-02-19T20:19:33","slug":"post-royal-commission-risk-advice-what-needs-to-change","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/02\/19\/post-royal-commission-risk-advice-what-needs-to-change\/","title":{"rendered":"Post Royal Commission Risk Advice – What Needs to Change?"},"content":{"rendered":"

Passionate risk advice specialist, consultant and author, Chris Unwin**<\/strong>, has penned a brief article on what he thinks needs to change for the world of risk advice following the release of the Royal Commission recommendations.<\/p>\n

<\/p>\n

\"\"<\/a>
Chris Unwin<\/figcaption><\/figure>\n

In keeping with his uncomplicated philosophy on delivering valued risk advice, Unwin urges advisers to circle back towards what it means to genuinely engage with clients amid the noise and issues being generated by the Banking Royal Commission fallout and other recent regulatory changes being imposed on all advisers – risk-focussed advisers in particular.<\/p>\n

Unwin’s message around engagement won’t be new for many existing advisers, but as he tells Riskinfo, being reminded of the basics around engagement and trust can be just the tonic for experienced risk advisers as well as those new to the sector:<\/p>\n

Post Royal Commission Risk Advice \u2013 What Needs to Change?<\/strong><\/em><\/p>\n

The prospect\/client and the products\/solutions are the constants in the risk advice space. It is the adviser, or more specifically the adviser\u2019s engagement process that has always been and still is the variable – and it is this client engagement process that has to change in the post Royal Commission environment.<\/em><\/p>\n

Ever since the FSRA in 2001, FoFA in 2012\/13 and now the Royal Commission in 2019, the client engagement process in the risk advice space has become more about ticking compliance boxes and meeting regulatory requirements than about gaining the trust of and building a strong and meaningful relationship with the client, thereby creating a quality experience rather than just completing a transaction \u2013 and this is what has to change moving forward.<\/em><\/p>\n

So, what are some of the things that advisers should be doing in their engagement process to gain or regain trust and build stronger and more meaningful relationships with their clients? Here are just a few suggestions in outline:<\/em><\/p>\n

1) At the introduction stage of the first client meeting<\/strong><\/em><\/p>\n