Research has revealed that 53% of financial advisers want to offer a wider range of services to improve their client relationships. The survey reports that advisers see associated areas of work, such as legal services, as adding significant value to their role and feel under pressure to offer advice to clients on issues relating to more than just their finances.
According to the report, one of the key factors influencing advisers to expand their service proposition is to help improve their relationships with clients, with over 40% of advisers describing them as only ‘average’ or worse. A recent FCA report suggested that advisers should deliver more ‘holistic advice’ for clients which considers other circumstances and goals, such as inheritance and later life planning.
The findings, based upon a survey of more than 300 financial advisers across the country, reported that advice on pensions, property and legal services would be most well received by clients.
Commenting on the research, Tom Curran, Chief Executive of estate administration specialist Kings Court Trust, said; “Having established mutually beneficial relationships with hundreds of financial advisers over the years, Kings Court Trust completely supports the findings of the research.
We work in partnership with advisers so that they can offer a specialist legal service, in this case estate administration, directly to their clients. From the client’s perspective, they receive access to expert advice when dealing with the estate of someone who has passed away. Our customers’ often tell us that a recommendation from the adviser who has looked after a family member’s assets often adds a great deal of peace of mind for them at a difficult time.
This approach undoubtedly strengthens the relationship between the family and the financial adviser as the customer feels that they are working with a professional who can support them through the entire estate administration process, rather than just leaving them to deal with what can be a daunting situation. The adviser also benefits from being actively involved in the redistribution of the wealth to potential new clients, so there are advantages for all parties.”
For more information on how financial advisers can offer a market leading estate administration service directly to their clients, join Kings Court Trust’s next webinar on the commercial opportunity that this service offers – click here to register.