IFAs under pressure to offer more than financial advice

Added 23rd August 2016

Over half of financial advisers based in the UK feel pressured to offer advice to clients about more than just their money, according to a new survey.

IFAs under pressure to offer more than financial advice

The findings, published by UK-based people management software firm BrightHR, are based on a survey of 300 British advisers conducted in June. It found 27% are reluctant to branch out and offer more than financial advice over concerns about time and resources.

However, over a quarter of respondents believe offering a more rounded service would strengthen client relationships, with 29% citing that providing pension advice would benefit clients.

Around 26% said property advice, 25% employment law advice and 21% business software solutions would benefit clients most, according to respondents.

More than half (53%) admitted they were in the process of extending their range of services, with 15% looking into a future move.

Relationship status

Just 26% of those surveyed labelled their relationship with clients as ‘strong’, with 41% admitting it was ‘average’ and 3% describing it as ‘purely transactional’.

Advisers listed time constraints as the main barrier to improving client relationships, with 53% complaining they do not have enough time to meet with clients, 26% bemoaning there is too much paperwork, 11% are trying to adapt to evolving technology and 10% listing poor communication skills.

Paul Tooth, co-founder and chief executive of BrightHR, said: “For those that are interested and willing to offer additional services, our people management software could provide yet another solution.

"Through our partner programme, financial advisers can extend their service offering and position themselves as a more all-rounded adviser, while generating commission by recommending BrightHR.”

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About Author

Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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