Last week in CoreData’s first fast-and-focused financial adviser survey, we asked New Model Adviser readers what they consider to be the greatest value-adding activity they undertake for clients.
The results are in, and the two activities nominated by most respondents relate to planning – for retirement/the future (86.3 per cent); and for setting and tracking progress against financial and lifestyle goals (71.2 per cent).
Less common, though still nominated by around two-thirds of advisers, are activities more directly related to investing, namely, growing and managing wealth (67.1 per cent) arranging income streams in retirement (65.8 per cent of advisers), and asset allocation (64.4 per cent).
What’s clear, although unsurprising, is the breadth of the activities advisers undertake that add value to clients’ lives.
More than half of advisers say they add value by reviewing and arranging insurance, optimising super (outside SMSFs) and maximising age pension entitlements. Almost half (46.6 per cent) say they add value by helping clients exercise financial discipline; and a similar proportion say they help by minimising clients’ tax bills. Almost four in 10 (38.4 per cent) of advisers add value through the simple expedient of heling clients manage cashflow.
We also asked what percentage of your clients you’ve proactively communicated with during the COVID-19 pandemic, and the average is 83 per cent. In addition, on average, one in four (25.6 per cent) clients have reached out to their adviser for guidance, support and reassurance during the pandemic.
Advisers generally (38.4 per cent) are experiencing around the same level of new-client enquiries during the pandemic as before, with just over a quarter (27.4 per cent) reporting an increase of up to 20 per cent in enquiries and around 13.7 per cent reporting a 20 per cent or more increase. Only one in five (20.5 per cent) advisers reported a decrease in enquiries of any amount.
This week, CoreData is asking advisers about their experiences with platforms – the best, the worst and those you use most.
You can take part in the survey by referring to the New Model Adviser email newsletter that arrived in your inbox this week, and using the survey link there. It will take around 60 seconds to complete, and when it’s done you can choose to enter CoreData’s prize draw. Full terms and conditions are available from the survey page.
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