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Apfa: Client visits should be driven by need not calendar

Apfa policy director Chris Hannant

Apfa says advisers should rethink the frequency of client visits and consider moving to a model that is driven by client need “rather than the calendar”.

Speaking at a Perspective roundtable in London last week, policy director Chris Hannant said the focus on advice services instead of product sales post-RDR will drive a change in how often advisers see their clients.

He said: “Nowadays advisers do not need to pop back every six to 18 months to flog a new product, and can review whether advice is fit for purpose much more easily, with fewer interactions. When you look at other services, like seeing a doctor, accountant or even plumber, that is usually driven by a need, not necessarily by the calendar.

“There are quite a lot of costs involved in the traditional, four visits a year type model and the way the industry could adapt to servicing more clients and providing advice cheaply will be by looking at the regularity of client interaction.”

Scottish Widows head of distribution development Robert Kerr said more transparent charging will force the issue about what value advisers are adding.

Kerr said: “Transparency is going to deliver greater price pressure going forward. But it is also going to mean market forces are brought to bear as well. I am not sure that in three to four years’ time people will pay the same amount of money for ongoing advice as they have in the past.”

Financial planning firm Ad Valorem Wealth Management managing director Derek Baptist says: “It is going to be very difficult to be transactional in the new world. Some players in the past have relied on visiting clients periodically with a new proposition. That has all gone now.”


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

  1. Julian Stevens 17th May 2013 at 7:20 pm

    They’re probably right. Thank goodness my business is now sufficiently mature that a good two thirds of our turnover comes from recurring revenues. The rest just seems to come to us by itself.

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