What to Expect from a Financial Advisor

by | May 22, 2024 | Insights

It’s time to break the mould and ditch the rigid format for client interaction in wealth management. I believe people deserve much more than they are currently getting from the industry.
It’s no longer acceptable to touch base with a client once a year, especially in the current economic climate. People want to feel more in control, and they want to feel part of something bigger. They want to be educated around products and services, understand how things work, where they stand, where they are heading and be kept up to date.

People want to feel empowered and be connected. And some want to feel part of a community and be able to meet other individuals that are on a similar journey through events, where they can network and mix.

So what should you expect from a Financial Advisor?

Time

Spending time getting to know what makes a client tick, their priorities and concerns and then helping them to set realistic goals is key to setting solid foundations to ensure someone is on the right financial track.
I think it is imperative to be checking in with clients, to see if their circumstances have changed and to build up a trusting relationship. Financial advisors should be helping clients to:
  • Evaluate their circumstances, set short and long-term goals and help them to find the best way to achieve those.
  • Work together with clients to boost their financial education around products and services so they feel confident they are making the best decisions.
  • Ask the right questions and get answers. Clients should not feel afraid to ask any questions at all. They need advisors to be totally transparent about their value proposition, the investment processes and fees. 
While advisors need to listen and be guided by a client as to what their goals and dreams are and then offer them advice based on this.

Advice

There is so much information easily available and people can feel over-whelmed and that means they end up not making any decisions around their finances. It can make people hesitate and not get the advice they need to set goals and start their journey towards creating a more secure financial future.
Meanwhile others think they don’t have enough money to need advice. There needs to be more available for people who are in their accumulating phase, whether that be building a business, or high earning professionals that are not asset rich yet, because they have got a lot of things going on. That’s the gap we want to help fill.
They still need advice because they are earning, or in the earlier stages of building their business, have the potential to earn significant capital and need to get started on their financial journey to achieve the best longer-term outcomes.

If you’re interested in finding out more about our approach at FSWM and how we can support you on your financial planning journey, then get in touch or book a complimentary confidential consultation to discuss your individual circumstances.