Asking advisers how they quantify the value they provide to their clients can sometimes lead to some head-scratching. Advisers know they add huge amounts of value but, because some aspects can’t be measured in monetary terms, it can be hard to articulate, let alone evidence.
This is why we’ve produced The Insiders’ Guide to the Value of Advice, a free-to-download white paper that brings together industry studies, views from 200+ advisers and case studies where three firms specify what they regard as the most valuable elements of their service.
In the paper, we help advisers to work through the different aspects that equate to added value. It’s easy to focus on the tangible, like investment performance but there are many other elements that provide real benefits to clients and these need to be highlighted and recognised.
Another good reason for carrying out this exercise is that we know the FCA is increasing its focus on transparency and looking at how advisers protect the best interests of their clients. Although there’s currently no formal requirement for advisers to evidence the value they add, there’s a strong chance that is where we’re heading.
The advisers’ view
When putting the paper together, we asked advisers to take part in a survey. We asked them to pick, and then rank, their top five attributes from a suggested list of twenty. They were also asked to specify any skill or attribute that they felt had been overlooked.
The results, which are published in full in the white paper, make interesting reading, with some findings that many advisers will find surprising.
What do your clients value?
Something else we offer in the paper – and which is definitely worth consideration – is the chance for advisers to survey their own clients to assess what they value from the relationship. We think this is a really important aspect and will help complete the picture. Often, there’s a misalignment in what different entities feel is the most valued. It will also help with the evidencing of the value-add in the relationship: what price can you put on just being available to listen!
Being able to discuss the findings from surveying your clients will give you the opportunity to make changes to your offering that will lead to strengthened relationships that will thrive in the years to come.
