Financial advisers may be skilled at helping their clients make the most of their money, but it is just as important to help clients share their hopes and dreams, according to financial advice firm Continuum.
While there are many options open to financial advisers looking to improve their technical skills, it is equally important for advisers to nurture their soft skills if they are to achieve the best outcomes for their clients, according to Continuum.
If advisers do not have the emotional and practical intelligence skills to help their clients open up about their dreams for retirement, it is much harder for them to put a financial plan in place to help them achieve them.
When asked what attributes they value the most from an IFA, trust, credibility and quality of service were rated far higher than expertise and qualifications, suggesting clients are aware that they value soft skills in an adviser.
When we asked over 2,000 Brits what is most important to them when it comes to choosing an adviser, 52% said trust and credibility and 32% said personalized advice and quality of service. This compares to just 26% who valued expertise and qualifications the most highly.
Ben Alcock, Chartered Financial Planner at Continuum, said: “Financial advisers are incredibly skilled at helping their clients make the most of their money, but without truly understanding the hopes and dreams of their clients are they really doing all they can to help them achieve the retirement of their dreams?
“While some clients may be focused on retirement planning as a way to meet their bills in later life, they may actually be harbouring passions for travel, wanting to support a large family, or looking to take up a new hobby. Many people may not find it easy to share these dreams and may not realise that they could be achievable, but it is part of the role of an adviser to help them open up, so they can plan their finances to achieve these goals.
“Technical skills are an absolute necessity for a good adviser, but we would argue soft skills are just as important. Developing and growing meaningful client relationships not only helps you understand what makes them tick and what behavioural biases they may have, but can also ensure that the long-term plans you put in place together reflect their dreams for their retirement.
“Advisers should also help their clients talk about their dreams with their nearest and dearest. At Continuum our advisers are always keen to help facilitate conversations around money with clients family members, and can help both their client and those they hold dear talk about their finances and their dreams for the future.”
Which attributes would you value the most from an IFA?
| TOTAL
% |
Male | Female | 18-24 | 25-49 | 50-64 | 65+ | Wales | Scotland | N.England | Midlands | London | South | |
| Trust and credibility | 52 | 51 | 52 | 45 | 48 | 57 | 55 | 48 | 53 | 54 | 52 | 52 | 50 |
| Personalised advice and quality of service | 32 | 30 | 33 | 22 | 30 | 33 | 37 | 32 | 31 | 32 | 30 | 29 | 33 |
| Clear communication and transparency | 28 | 28 | 29 | 31 | 28 | 27 | 29 | 35 | 30 | 32 | 21 | 28 | 28 |
| Expertise and qualifications | 26 | 30 | 23 | 28 | 25 | 28 | 27 | 27 | 30 | 25 | 26 | 31 | 25 |
| Technology tools and accessibility | 3 | 3 | 2 | 2 | 3 | 3 | 1 | 2 | 4 | 2 | 2 | 5 | 2 |
| None of the above | 9 | 9 | 9 | 6 | 10 | 7 | 8 | 14 | 6 | 8 | 10 | 9 | 8 |
| I don’t know | 15 | 14 | 16 | 25 | 17 | 12 | 11 | 11 | 14 | 13 | 18 | 15 | 16 |
YouGov surveyed 2,119 British adults on behalf of Continuum between 5 and 6 November 2024
