View more on these topics

Advisers need soft skills improvement to get client confidence

Holly Mackay speaking at today’s Openwork event

Advisers do not work to the specifics of individual clients and must refine engagement skills to boost consumer confidence and bring trust to the wider industry, according to Boring Money founder Holly Mackay.

Speaking at an Openwork event today, Mackay said many advisers “seriously underestimate” clients’ ability to understand jargon and generalised statements.

Boring Money research found 56 per cent of Brits could define “equity” but only 16 per cent would feel confident explaining the meaning to a third party.

Just over half of respondents to the research knew what a “fund” was, while only 14 per cent said they could define it to another person.

Female clients especially have shown distaste for advice or investment jargon that overcomplicates and generalises, Mackay said.

She added: “It’s still a blokey world – we’re not making anything relevant and this resounds especially with women.

“We’re talking words and jargon and products and advisers and investment managers are so far removed from their audience that they can’t see it.”

Advisers would benefit from breaking down the contents of a client’s portfolio in picture format to show clients what they own, Mackay said.

She added: “We in finance are bad at telling people what they have money in and what they own – everything is words and they don’t mean anything when they are not understood.

Greater gender-balance will boost advice sector’s bottom line

“Communication with clients is not about showing how clever we are, it’s familiarity that is important; showing a personal side and showing relevance is what clients need because financial advisers are often perceived suspiciously and not everyone is convinced they would get a suitable service out of them.”

If women cannot be attracted to advisers as customers it will continue to get harder to attract them to work in the industry, she said.

Openwork marketing director Claire Oldstein says the group’s figures currently show just 11 per cent of advisers are female.

She says: “Women are hugely under-represented in the UK advice community. The financial services industry needs to address the issue of women missing out not just on jobs as advisers but also on senior leadership positions.”

Recommended

AJ Bell sets minimum application value for IPO

AJ Bell has confirmed at least a quarter of the platform’s share capital will be floated when it lists later this year. The platform has set a minimum application value of £1,000 and is now expecting to list on the main market on the London Stock Exchange in December, the company announced this morning. Selling […]

7

Alan Hughes: The most important lesson from Berkeley Burke case

FCA must give greater consideration to where detailed rules would result in more effective regulation and better protection Last month saw Sipp provider Berkeley Burke lose its High Court appeal against the Financial Ombudsman Service. The appeal followed the Ombudsman’s decision against Berkeley Burke for failing to carry out adequate due diligence on an unregulated […]

4

Tory MP says HMRC ‘menacing’ letters show state is using ‘sinister’ psychology

A Conservative MP says recent letters from HM Revenue & Customs demanding people pay up or face having their possessions auctioned is an example of behavioural psychology now being employed by the Government. Conservative MP for Wycombe Steve Baker says the “menacing” letter sent to a woman running a small business in his constituency tried […]

Helping solicitors with inheritance tax and pensions

Clare Moffat, Head of Business Development, Royal London, looks at how you can help solicitors understand the implications of IHT on pensions and how this can affect their clients. Do your solicitor connections understand the changes to death benefits and the implications they might have? It’s important solicitors aren’t straying into giving financial advice. Why […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. The best way of developing soft skills? ….. getting older and more experienced.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com