How new and existing advisers should adapt post-Covid

It might sound trivial but it is the most effective way to get to the emotions behind their decisions and what is driving a client to seek advice now than at any other time, rather than feeling like they have to justify it.

Counsellors avoid asking ‘why’ questions with their clients for this reason, and there are a number of other similarities between the two roles.

Different life experiences and diversity of thought have long been proven to be beneficial and help to prevent group think and highlight any blind spots that an older adviser may otherwise miss. 

Once expectations are understood, objectives can be discussed. However, advisers need to help clients move the conversation on from product to advice.

A client may say they want to top up their pension, but it is an adviser’s job to probe this decision and find out the underlying drivers for this. For all the client knows a pension is not the most appropriate savings vehicle. 

New advisers can often fall into the trap of talking about product as a way of showing off their technical expertise.

Clients can find out all that information without an adviser, so it is vital they look at the areas a client won’t have thought about such as using the most effective ownership structures, for example is it best to top up a Sipp or personal pension, or should an Isa be considered?

The way money is held is not easy for clients to work out themselves.

Another good way of sustaining a relationship is by understanding where the client has already got to in their savings habits.

As humans we are much more likely to finish something we have already started, rather than start something new.

Therefore, show how far a client has already come with their workplace pensions or Isas and what it is they want to achieve with this money.

Once the meeting ends you have a great opportunity to follow up and begin nurturing the relationship.

Send an email not only thanking them for their time but add on one of those ‘I saw this and thought of you’ articles to help show you are thinking about how to best help them.

Also use calendars to mark important points in the year to reach out to your clients, such as their company tax year end, UK Budget or new tax years.

Finally, after three months don’t be shy to ask for a testimonial, assuming they are the type of client that you would like to have more of.