“Many of the advisers I deal with are happy with their current pool of clients and do not want any more. It would be difficult to maintain a high contact business model if you are going to increase the number of clients.”
The question is whether it is worth investing time and resources to manage a corporate client relationship, rather than pass on the somewhat laborious business to another adviser company which has the capacity to handle the query.
For Mr Nall, advisers could offset the additional burden through the effective implementation of technology which would help to streamline the advice process.
Advisers could offset the additional burden through the effective implementation of technology which would help to streamline the advice process.
“With the right collaboration and an advice process powered by technology, advisers would have the ability to provide the relevant support to their corporate clients,” he said.
It is no secret that the nation’s financial capacity has waned in recent history and has been replaced by a more ‘carpe diem’ mentality.
The recently published Financial Advice Market Review report reinforces the idea that the workplace plays an important role in helping more people to access financial guidance and increasing take-up of financial advice.
It adds, however, that some employers are wary of offering employees help with their financial matters due to regulatory liability concerns and a lack of incentive to do so.
Advisers will need to work hard to engage with their clients – as engaged people feel more empowered and ready to take a more proactive approach towards their financial future.
Roger Brosch, chief executive of Foster Denovo, said: “Workplace financial education will be a significant area of growth in the coming years. For many this will be light-touch education only, and for others this will move through into advice. And, as I have said before, I also believe robo-advice will really begin to impact in the next two to five years.”
Myron Jobson is a features writer of Financial Adviser
| Key points |
AE is a great opportunity for advisers to acquire new clients, but it is not going to last forever. The ban on commission means adviser firms are now forced to formulate a clear strategy for pension revenue replacement. Advisers could offset the additional burden through the effective implementation of technology which would help to streamline the advice process. |
