FACT: On average, Australian advisers spend 45%* of their time with their clients talking about non-financial personal issues.
One of the biggest challenges advisers continue to face is overcoming the consumer’s inability to truly understand the value of a financial adviser.
It is abundantly clear that financial advisers provide more than just financial expertise. Research shows for the majority of clients, the adviser is also a mentor, counsellor and mediator, providing support as their clients live out the human drama of day-to-day life.
A survey of Australian financial advisers by XY** provides a deep dive into the nature of conversations advisers have with their clients and examines adviser perceptions of the non-financial impact they have made on their client’s lives.
Advisers are, therefore, already well positioned to offer coaching as a service more formally, and the consumer demand is clear. For advisers considering this path, there are several considerations, including how advice processes may need to change, how to charge clients for coaching, skills and training requirements.
In Milford’s recently published whitepaper for Financial Advisers titled ‘Financial Advice Reimagined’, we explore how clients interact with their advisers and the advice process itself. We also explore the financial benefits as well as the psychological value clients get from it and how a coaching-based advice process compares with a standard advice process.
Download the full Financial Advice Reimagined Whitepaper to find out more.
