Financial advisers help Australians with a wide range of financial issues during their lifetime, from budgeting to estate planning and everything in between. We also help Australians to have a more positive outlook, to feel more prepared and secured and to consider reaching out to other wealth professionals if they have a need.

Facts

• Advisers help their clients with a broad range of wealth related issues

• The financial benefits from receiving advice are clear

• The benefits of financial advice positively impact well-being and other aspects of life

• Trust breeds trust and extends beyond financial advisers to other financial professionals

Understanding what’s important to advised clients

Based on research, The Netwealth Importance Hierarchy frameworks helps to identify what is important to advised clients.

Breadth of service

The breadth of service offered is one of the most important factors valued by clients and includes portfolio construction and management, supporting cash flow and budgeting needs, wealth protection, plus a range of other value-add services.

Client experience and service

It is clear that client experience and service, which is one of the most tangible aspects of an advice offer, is also one of the most important things for advice firms to get right.

Client experience and service incorporates how a client wants to interact with their adviser, and the most appropriate channel for each interaction – whether that be in response to a query, document signing or general information.

It also considers the type a relationship a client wants with their adviser – whether that is more of a coach or an outsourced relationship.

Digital and technology capabilities

An advice firm’s digital and technology capabilities include the client facing technologies used by advice firms for prospects and clients. These include websites, client portals, social media, digital newsletters and digital calculators as well as tools used to digitise the advice experience, such as digital signature tools and document vaults.

Being an educator

There are two types of relationships clients want – to outsource by delegating, or a coach to show them. Both of these relationships have a bearing on the amount and frequency of education a client may want, while their financial literacy will dictate how much education they need

Social/economic importance

Over the past five to ten years, Australians have recognised and embraced the role they can play in influencing the environment, the community and the greater world around them through their actions – including how they express their opinions, the companies they choose to work with and the way they invest.

Innovativeness

Innovativeness is the action of making changes to something established, by introducing new methods, ideas, services, products or experiences.

Innovation doesn’t always have to be new technology, and it doesn’t always have to be significantly large in nature. It can be changes to a pricing model, brand, how a business deals with suppliers, team structure and managing client interactions, as well as any new products or services introduced.

Personalised offer

A personalised offer is part and parcel of providing advice, however as advice businesses build scale, they need to embed more repeatable processes and investment models (such as with managed accounts) into its operating rhythm, and this can make personalisation more challenging.

Value for money

Value for money is the most important aspect when considering a financial adviser and their service. While value is an intangible characteristic and differs from client to client, factors such as price is an important input (however it becomes less relevant if a person perceives they are getting their needs met). Managing a clients’ expectation is also critical.

At Humble Goode Financial, your wealth is safe because we meet clients' requirements by enhancing their understanding of portfolio management and construction goals, coupled with excellent service. If you need financial planning advice, contact us now.  

General Advice Warning:

The information on this website is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making an investment decision in relation to a financial product.