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.”
