It’s probably not too surprising that people who have regular contact with their advisers will have a better overall understanding of their financial position. But did you know that those who have frequent contact with their adviser are up to 50% better off than those who only receive advice once?1 And that customers who have a close relationship with their adviser are almost twice as likely to feel in control of their finances than those who don’t?
Through our recent research and customer interviews, we’ve discovered that professional advice offers so much more to customers than just practical, financial benefits. It also helps to improve their emotional wellbeing by making them feel better about their money and themselves – especially in times of crisis.
Compared to those who take care of their own financial matters, advised customers feel more in control of their finances and worry less about money. They also feel more confident about their financial plans and have better peace of mind.
Customers who have a close relationship with their adviser are almost twice as likely to feel in control of their finances than those who don’t.
And when customers build a long-term relationship with their financial adviser, these emotional benefits are even greater.
Those who told us that they know their adviser well, or speak to them on a regular basis, are more financially secure and stable, more confident about the future and more prepared to cope with life shocks than those who don’t have an ongoing relationship in place. And investing in these relationships helps to boost trust and satisfaction levels over time too. Customers who receive regular advice, or know their adviser well, are twice as likely to trust them to look after their money. And 90% of those who receive holistic advice and talk to their adviser regularly are very satisfied with the service they get.
In short, customers who have regular conversations with their adviser feel better about their money, which helps them to feel better about themselves and the service they’re paying for.
Quality, not quantity
We found that it’s not just the frequency of contact with an adviser that makes a difference; the quality of the advice clearly matters too.
The key emotional benefits of ongoing financial advice are felt even more keenly when clients have a close bond with their adviser. We’ve already mentioned that advised customers feel more prepared and confident than non-advised customers. But when we looked at the wellbeing of customers who had a good relationship with their adviser, levels of confidence and stability grew even further – with 81% of these customers feeling more in control of their finances and 75% feeling more secure.2
This makes sense, after all, a client is putting their future prosperity, and possibly that of their family, in their adviser’s hands. So, having a close relationship with a professional who understands them and their needs well seems vital.
Overall, our research has shown us that customers highly value the contact they have with their adviser – which is especially true during these uncertain times. This is why we’ve been working to develop tools and content to make it easier for you to keep in touch with your clients, and to let them know that your ongoing professional advice can help improve their financial and emotional wellbeing.
Why not take a look at our personalisation toolkit. You’ll find ready-made infographic summaries and social media tiles that you can customise with your own logo, to help you engage with your clients. And you can also download our latest customer research, to show your clients the financial and emotional benefits of professional advice.
1. ILC. What it’s worth: Revisiting the value of financial advice.
2. Royal London research report: Feeling the benefit of financial advice. How professional support helps to improve emotional wellbeing.