A new guide from ClearView examined the findings of its Client Retention Survey, completed in November and December 2018, according to a statement.
The survey found that the biggest impediment preventing advisers from focusing on engagement was a lack of time, not desire, with 61 per cent citing it as a barrier.
Almost 20 per cent said they felt they didn’t have adequate expertise or resources and 5 per cent said they struggled to find reasons to reach out to clients.
Despite this, the ClearView survey found that three-quarters of advisers described the majority of their client base as engaged, with over 16 per cent saying their clients were highly engaged, 14 per cent describing their client base as disengaged and 4 per cent saying they did not know.
ClearView general manager of distribution Christopher Blaxland-Walker said that, in the wake of the Hayne royal commission, it was more important than ever for advisers to actively and appropriately engage with their clients.
“There are many significant benefits of engagement including a greater sense of ownership over outcomes, empowerment, client satisfaction, involvement and positive communication,” he said.
“Advisers who have consistently invested in client engagement and cultivated a high degree of trust over many years will be largely unaffected from the negative press surrounding the royal commission but it’s never too late to get started.”
I describe it as if someone enters the front odor, i hide under the table to frightened that I may be called on to write business and place by business under risk as I can only read about 12 hours a day to keep up with all the rubbish. However, you just cant take it all in of course. Its time to go, Ive done my 30 years
1 hour conversation with a client triggers about 20 hours of paperwork. Of the 20 hours the client values maybe 15 minutes. The rest is butt-covering so that the right check-boxes are ticked to satisfy ASIC.
The system is completely broken and the Royal Commission completely missed the mark.
Think of the RC in these terms – the main targets were financial advisers & mortgage brokers. Yet how many were actually investigated.
Advisers and clients have been scammed by this Royal Commission.
Sometimes I think if trying to engage with clients to provide service and advice is all worth it. Its bloody hard and stressful… no one in govt or media actually understands what we do.. taking pot shots is more fun. With red tape, costs and compliance increasing I can see a mass exodus coming.. just like UK. I wish our industry could stand up and defend the many good people and good work we do
Yes. This is a direct result of a decade worth of Govt regulations. The end result soon? The will actually be waiting lists of people wanting to access an adviser, as now exists in the UK. You can thank Bill Shorten & the Union Super Funds for that.
Sorry to be blunt here but ‘No shit Sherlock!”
How any adviser is able to keep up with everything we’re being forced to do now is a miracle. I haven’t been able to proactively contact a client for a review for months thanks to all the compliance work we’re forced to do to simply satisfy ASIC’s fancical ways. No surprises here whatsoever.