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Value trumps price concerns for clients

Fees are only a concern for clients where they do not believe they are receiving value, says Centric Wealth chief executive Phil Kearns, off the back of feedback from the firm’s own clients.

According to findings released today by Centric Wealth’s newly formed client advisory group, demonstration of value and capital security is a higher priority for advice clients than the price of advice.

“For me and our advisers the most important message was that fees will only be an issue if the client does not believe they are receiving value,” said Kearns.

“We think this is an important reminder for our whole industry, given fees have been front and centre of all discussion for so long.”

Other pieces of feedback from the group included that clients want advice around major world events, such as “the problems in North Korea”, and the impact of these events on their capital security.

Advice around retirement was also listed as a key concern for the group, which Kearns said is now playing a valuable role in the management and strategic process at Centric Wealth.