A recent survey found "an alarming 60 percent of clients did not know or were unable to answer if they were on track to meet their defined goals". Can yours?
Investment management has long been the backbone of financial planning. But is it the future for financial advisers? I think not.
New research found 78% of consumers care about being comfortable in the future - that alone tells us where the future is for advisers.
NZ FMA new CEO, Rob Everett, gave an interesting briefing by way of introduction. It contained a very strong warning for the short term, and an intriguing line of thinking for the longer term. Both focused on behaviour.
Older adults are crossing the most challenging and complex frontier of their lives. To earn a role with them, financial advisers have to learn more about how older clients think and communicate.
There is an enormous power and prestige for a profession in doing public good. Done correctly, we will stand a good chance of earning more respect than politicians in future Reader's Digest polls.
As investment advisers, we love to inundate prospective clients with data. But disseminating large amounts of data is actually counter productive.
Recently, I ran a session for a group of 20-years plus CFP veterans. What became evident was that their idea of using technology and engaging collaboratively with clients was very different to mine.
A recent Australian study of how clients prefer to be communicated with from their financial advisers sheds some interesting light on the challenge.
While most financial advisers aspire to work with HNW clients, very few successfully do so with any scale or significance. Most advisers will have a few HNW clients, but all too few of them. Why?
When meeting with a prospect for the first time, financial advisers should limit discussion about their background to 3 minutes and address the 4 key questions most prospects want answered.
What impact has the FMA's Guidance Note: Limited Personalised Advice published in December had on how advisers handle lower value clients?
Aside from CPD changes, the most distinct change in the new Code of Professional Conduct for AFAs is to prioritise the "client first" rule. We asked advisers what this means in day-to-day business.
It is common knowledge that a trusted adviser has a far higher chance of selling products or services than one who is not trusted. However, what is meant by the word trust?
As competition in the financial advice business intensifies, advisers must focus on those activities that add the most value for clients.
Communicating with clients is one of an adviser's most important responsibilities. In the modern world, the options of how to do this are many. What works?
If we're explaining a "norm" to clients that embeds a social proof, we should be using norms that show what is successful, not describing the commonality of failure!
The boom demographic joining Facebook is age 65+ at the moment. If retirees are flocking to social media channels, shouldn't you?
Many New Zealand financial advice firms need to fundamentally rejig their way of doing business, to improve client retention, drive down costs and improve the bottom line.
financialalert asked the heads of four financial adviser bodies about their plans for 2014, and what they will have on offer for advisers in the coming months.