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Advisers should shift focus away from gathering assets

Dragonfly Planning financial life planner Adam Young says the advice process should not be concentrated on gathering client assets but tailoring services to suit client needs.

At the Money Marketing and Cofunds live RDR TV debate last week, one viewer asked how advisers can encourage clients to pay upfront for advice services before they have bought a product.

Young said the service being offered by advisers does not have to be product-related in order to justify charging a fee.

He said: “The solution or range of services is not necessarily always centered around the money, it is centered around the family’s affairs, the intergenerational issues, and the potential tax issues. It does not necessarily mean gathering client assets. That is part of it, but it is not the whole advice piece.

“From our perspective, we have set up a range of programmes that are designed around what the clients want in particular sectors, for example, a support programme for bereaved widows. In that case people need hand holding, education, help and care. It is not about their money, it is about them and that is where financial advice entwines with their objectives.”

RSM Tenon head of wealth management John Porteous said: “We talk through the importance of the entire financial process, and the point that we make very clear at the outset, is that we are not presupposing there will be a transaction at the end of the process.”


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