What do clients want from their financial adviser?

What do clients actually want from their financial advisers?

This article outlines the nine most essential traits, abilities and offerings in the eyes of the customer.

Viewing your financial advice through the client’s eyes

Every business owner should be taking the time, now and then, to ask, “Am I delivering what my clients need me to deliver?” The best way of getting a clear answer to this question is simple — you can ask your clients.

But there’s also a lot of due diligence you can do before meeting a client, as well as a lot of general traits that most clients will be searching for (honesty, integrity and the ability to communicate, to name a few). 

When it comes to financial advice, the client’s perspective is straightforward, and it can be helpful to remember to look at yourself, the adviser, through their eyes.

You’re there to offer sound advice and sensible investment suggestions. You’re expected to understand their financial needs deeply and be able to use your skills to guarantee them high returns, even in difficult periods. 

A 2023 survey found that 11% of UK adults have sought financial advice, and with the barrier to financial advice slowly being broken down, this figure is likely to rise.

This means that competition will also increase. To deliver effective, efficient and valuable service, you must pay close attention to the following list of qualities and offerings. 

Nine things all clients want from their financial advisers

1. Trustworthiness, transparency and integrity

Clients will only work with advisers they trust, and this trust is earned through knowledge, honesty and integrity.

Financial advisers retain around 95% of the clients they acquire, so it's important (and profitable) to make a good first impression and instil a sense of trust from the start.

From explaining your fee structure to discussing market conditions, don’t be disingenuous.  

2. The ability to explain things effectively

This leads on from point number one, because to be truly honest and open, you need to be an effective communicator as well as a competent adviser.

Keep things simple, be clear and use everyday language. Clients won’t understand a lot of the jargon you’ve become used to using.

Provide practical examples, too, to make things even more straightforward to contextualise and effectively comprehend. 

3. The ability to communicate quickly and directly

Even the best adviser won’t make a good impression on their clients if their explanation takes what feels like a million years to materialise.

Be prompt and direct in your communications. Don’t make clients wait and wait to hear back from you.

Be organised, strict about specified response timeframes and able to match expectations consistently. 

4. The ability to make clients feel heard and understood

Any good adviser must make clients feel heard. One of the best ways to do this is to ask lots of questions, from “What’s your attitude to risk?” to “What are you looking to get out of this investment?”

When you take the time to absorb a client’s responses and make recommendations based on them, you win points with them and provide more effective financial advice. Win-win. 

5. A good memory/management system for client information

Similarly to point four, you need to be able to retain information about a client’s background, financial history and interests.

If you struggle to memorise personal details like interests, note them down in your client database alongside other details. Keep the services you’re offering as bespoke as possible.

Maximise your ROI and show clients you care about them as individuals.

6. A willingness to prioritise client needs at every turn

As an adviser, your priorities should be as aligned as possible with your client’s priorities.

You should be suggesting and/or making investments that genuinely connect to the client’s best interests, never suggesting a product or service they don’t need.

Your role is to maximise your customer’s monetary gains, and this should remain your number one focus at all times.  

7. The ability to keep all promises that are made, and when possible, overdeliver

When you make promises, keep promises and overdeliver where you can, you make your reputation with your client as positive as it possibly can be.

A client would always rather be pleasantly surprised than unfortunately disappointed, so expectation management is essential.

Get the balance right and you’ll please your clients and increase the likelihood of a referral. 

8. A well-organised, accessible service

This is an offering that can make or break the adviser-client relationship.

As an adviser, you should be fully aware of all the latest industry updates, regulation changes, laws and products.

You should be on time for every meeting, fully prepared, and especially for younger investors, flexible about where meetings actually take place (consider offering digital options to reflect the changed post-pandemic industry).  

9. A long, successful working relationship

Clients want consistency and the knowledge that they can work with you for a long time if they choose to.

A long working relationship will also benefit you as an adviser, so it’s worth working extra hard to pursue and continuously cultivate.

A recent study by Bain & Company revealed that a customer retention rate increase of 5% generally improves profitability by between 25 and 95%. 

Want to work with Unbiased?

Understanding and meeting client expectations is essential for any financial adviser aiming to build trust and long-lasting client relationships.

By focusing on qualities like transparency, clear communication, attentive listening, and a commitment to client needs, advisers can deliver a service that sets them apart in a competitive field.

Unbiased Pro offers financial advisers the tools to excel in these areas, enhancing their client relationships through streamlined communication, advanced client management, and the backing of a trusted platform.