‘Recurring advice is key to client needs’

The Dynamic Planner Intelligence Report revealed that just 8.4 per cent of clients sought advice for a one-off goal.

Chief executive Ben Goss said: “The data shows that advisers appear to be working with clients from younger ages and are setting long-term objectives, often more than 10 years in advance.”

The firm’s Dynamic Planner software allows clients to record goals or objectives for their investment and retirement portfolios and whether they are one-off or recurring goals.

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Almost double the number of clients planned for goals in excess of 25 years as did those for up to five years.

The report also revealed that multi-asset funds were among the most popular recommendations during the past 12 months.

For clients with a risk appetite level of four, the £23.31m Brooks Macdonald Balanced Fund and the £99.58m Aviva Multi-Asset Fund were the most recommended. For those with a risk appetite of five, the £1.03bn Standard Life FTSE Tracker Fund and the £145.2m F&C MM Lifestyle Cautious fund were most recommended.

Industry View

Gill Cardy, managing director of the IFA Centre, said: “It’s undoubtedly the case that regular check-ups are better than lurching from one episode to another. But advisers should also cater for that 10 per cent who currently have one-off goals, as it’s inevitable they will need more advice in the future.”

Adviser View

Chris Daems, director of London-based Principal Financial Solutions, said: “I’m encouraged to see so many advisers helping clients plan for their longer-term goal and feel it reflects the fact that as a profession we are now more engaged with our clients on their financial journey than ever before.

“We encourage our clients to work with us on an ongoing basis to ensure they achieve their goals and we wouldn’t look at engaging with clients who were only interested in a transactional service.”