One delegate said it is important for advisers to be able to talk about issues that are not just directly related to personal finance and may relate to the various life aspirations individuals have.
“At the start of relationships [with clients], you don’t talk about money at all. You talk about what it is you want from life,” the delegate said.
Charles Stanley’s Mr Osborne highlighted that advisers need to meet with clients’ children so they know who to contact should the worst happen.
“Think of your top 10 clients, how many of those clients would know how to contact you should the worst happen?” he asked.
Ms Ingram said advice companies need to incorporate technology alongside their face-to-face advice.
“Post-Retail Distribution Review, it has been more difficult for people with less wealth to obtain advice.
“It is not just about money but also about time. People are time starved as well as short of money.”
LEBC launched its adviser app Hummingbird at the end of 2019 as part of its wider part-human, part-robo ‘bionic advice’ service.
The app provides a communication feed with an LEBC adviser on a number of topics, including: retirement planning, inheritance, later life planning, education funding, and tax-efficient investments.
Ms Ingram added: “We think that is the way forward for the generations with all the changes around.”
Saloni Sardana is a features writer at FTAdviser and Financial Adviser
