Many advisers believe their availability to spend time with clients is the primary factor in them determining the value of the service they pay for, research shows.
A survey conducted by consultancy Adviser Home found more than 80 per cent of advisers ranked ‘confidence and trust that we are available when needed’ as ‘very important.’
A similar amount also selected ‘our understanding of client needs’ as very important.
Advisers felt the next most highly-ranked determiner of advice quality was offering a holistic service, followed by conducting regular reviews.
On the lower end of the results, 50 per cent of adviser respondents said platform selection was inconsequential in clients’ eyes, while 20 per cent ranked it as “unimportant.”
Securing the best deal from fund managers and third party providers also ranked low in adviser respondent’s feelings toward their client’s value on their service.
Just over 10 per cent ranked it as ‘very important’, while over a third classed it as ‘neither important nor unimportant’.
Adviser Home says: “From an adviser perspective the work that they do with clients is important because of their empathy with clients and the trust the clients place in them.
“These are not variables that are considered closely in regulatory terms and advisers feel that the edifice of rules and mandatory processes are couched in somewhat mechanical terms and fail to support the work that advisers do with their clients.”