Taxbriefs Commentary Library

How to help clients to understand and value your advice

Danby Bloch, 29 Jan 2013


 

Advisers need to help clients understand the value of advice – especially after the introduction of adviser charging. One very important way to succeed is to have a clear and effective process of financial planning that clients will understand and appreciate.

Paying for advice generally doesn’t come naturally to most people, and they need to grasp the amount of work that goes into providing quality advice. They also need to appreciate that it is really valuable to them.

‘Advice’ is a word that covers so many possibilities – from the worthless to the priceless. ‘Free advice’ is mostly worth what you pay for it. Instant and unconsidered advice could have dire consequences. But well structured financial advice that provides a client with a comprehensive plan for the reality of a comfortable retirement is worth thousands of pounds.

So how can clients know that the financial planning you do for them is really worthwhile? After all, the proof of the pudding won’t be for many years in the future. What your clients need now is the assurance that your planning and recommendations are the result of organised thought, knowledge and skill.

This is where the need for a clear and demonstrably robust advice process is so essential for all advisers. The six-step programme of financial planning should be the way all advisers work. It is endorsed by the international standard ISO 22222  and it is the basis for such UK financial planning qualifications as the CII’s RO6 and the IFP’s certificate.

What’s more, working through this process makes firms much more profitable and efficient in many other ways.

And the best possible manual to help advisers introduce the process is the Taxbriefs book, – The Process of Financial Planning.


 

 


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Danby Bloch

Editorial Director, Taxbriefs

Danby Bloch is the editorial director of Taxbriefs, chairman of city-based IFAs, Helm Godfrey and director of Nucleus, an independent wrap provider.

Over a period of more than 40 years, Danby has established himself as one of the industry's leading thinkers and  is a respected author, lecturer and trainer on tax and financial planning.

 

 

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