What clients expect from financial advisers: service excellence, tailored solutions, best value at the best price, and claims advocacy.
Advancements in technology, policy transparency (thanks to FAIS), and product choice have empowered clients to expect more from their financial advisers. At the FIA, we believe it is critical for members to understand not only what their clients demand, but also how to deliver it consistently. Meeting these expectations involves a combination of tailored financial solutions (best value for the best price), efficient service, deep knowledge and expertise, and claims advocacy.
Advisory businesses have excellent relationships with their clients; however they should never get complacent. Here’s how advisory businesses can invest in lasting relationships with clients:
1. Delivering tailored solutions
Clients are not just looking for generic (“direct”) products; they want solutions tailored to their unique circumstances. Whether it’s retirement planning, wealth management, or insurance, a one-size-fits-all approach is not aligned to the value of the intermediary.
As financial advisers, we must adopt a customer-first approach by taking the time to deeply understand our clients’ goals, challenges, and aspirations. This involves actively listening to their concerns and offering solutions that not only address their immediate needs but also anticipate future ones.
What this looks like in practice:
- Conduct thorough needs assessments to uncover financial blind spots
- Develop customised strategies based on risk tolerance, timelines, and client values
- Leverage advanced analytics and technology to model outcomes and offer data-driven advice.
Clients value advisers who focus on delivering results that matter most to them. By presenting clear, actionable strategies, you cement your position as trusted partners on their financial journey.
2. Exceptional service and efficiency
In a world where customer experience is the “king”, service excellence is non-negotiable. Clients demand seamless, responsive, and proactive engagement across every interaction.
For financial advisers, this means streamlining processes, ensuring policy transparency, and being available when it counts. Time is a precious commodity, and clients appreciate advisers who respect it by simplifying complex transactions, minimising paperwork, and providing timely updates.
How to achieve this:
- Embrace digital platforms that enable self-service, automated reminders, and quick resolution on simple issues
- Use CRM systems to track client interactions and personalise communications
- Offer multi-channel support – from in-person consultations to virtual meetings, ensuring accessibility and convenience.
When advisers deliver not just great service but also efficiently managed processes, they build loyalty and inspire confidence in their ability to manage complex financial matters.
3. Deep knowledge and expertise
The financial services sector is evolving rapidly, and clients need advisers who are not just informed but ahead of the curve. Regulations, market trends, and technological innovations require constant learning and adaptation. Clients expect their advisers to be credible experts who can demystify financial jargon, clarify risks, and provide insightful recommendations to ensure financial continuity.
Best practices to enhance knowledge delivery:
- Commit to ongoing professional development and certifications
- Stay informed about industry trends and share insights with clients proactively
- Use educational tools, such as webinars or newsletters, to empower clients to make informed decisions.
Clients are more likely to trust and stay with advisers who can provide clarity in an often-overwhelming financial world. The more value we add through our expertise, the stronger our relationships become.
4. Advocacy in claims and disputes
When clients face challenging situations, they rely on their advisers to advocate on their behalf. Claims advocacy is one of the most tangible ways to demonstrate commitment to clients’ well-being.
Advisers should act as strong advocates, helping clients navigate complex processes, cut through red tape, and achieve fair outcomes. This is especially critical during emotionally charged situations when clients are dealing with significant life events.
Ways to excel in advocacy:
- Act as an intermediary between clients and financial institutions, ensuring fairness and transparency
- Keep clients informed of progress and next steps during claims processes
- Negotiate proactively on behalf of clients to secure the best possible outcomes.
Providing unwavering support during critical moments not only deepens trust but also reinforces the adviser’s role as a protector and ally.
5. Best value for the best price
Price sensitivity is universal, but clients in financial services aren’t just looking for the lowest cost – they’re seeking the best value. This means providing high-quality products and services that justify their investment.
To deliver on this expectation, advisers must balance affordability with tangible benefits. Whether it’s achieving competitive returns, minimising tax liabilities, or ensuring comprehensive coverage, clients must feel they are getting more than they pay for.
Steps to provide value:
- Offer transparent pricing structures and clearly explain costs versus benefits
- Present cost-effective alternatives without compromising quality
- Regularly review client portfolios to identify areas for optimisation and savings.
The perception of value is not just about price; it’s about outcomes. When clients see real progress toward their financial goals, they recognise the worth of their adviser’s expertise and commitment.
The future of financial advice
To remain competitive in the financial services sector, advisers must elevate their game in all areas. Clients are no longer passive participants in their financial stories; they are informed, empowered, and expect a higher standard of care.
Delivering exceptional solutions, efficiency, expertise, advocacy, and value requires a culture of innovation and a relentless focus on the client. Firms that invest in technology, continuous learning, and client-centred practices will lead the way in building enduring relationships based on trust and results.
Leaders of advisory businesses must champion these principles within their organisations. By fostering a culture of excellence and accountability, we ensure that every interaction with our clients reflects our dedication to their financial success.
The question is not whether we can meet these expectations but whether we can consistently exceed them. In doing so, we not only secure our position in the market but also become indispensable partners on our clients’ financial journeys.
To conclude, in the financial services sector, clients are seeking more than just advice; they want advocates, strategists, and allies. By focusing on tailored solutions, exceptional service, deep expertise, strong claims advocacy, and clear value, we can not only meet but exceed client expectations. This is the foundation for long-term success and trust in an increasingly competitive industry.
Let’s make it our mission to deliver nothing less.
