Understanding the mental and physical health of clients is critical to provide effective and relevant planning, an ANZ-aligned practice has said.
In a statement, the Sydney-based firm Leading Advice said advisers need to know the state of their clients’ health “almost as intimately as their doctor” to develop relevant financial strategies.
“New clients often turn up thinking we’re only there to discuss how many zeroes they have in their bank accounts, or what hot new stocks they should be investing in,” said Leading Advice managing director Katrina Haskew.
Ms Haskew said clients are typically “quick to embrace” discussions around their health once they move past the initial surprise.
The health of clients can influence the kinds of strategies that clients can or should use, as it will impact what strategies will work and which aren’t reasonable, what kind of insurance options should be pursued, and how much needs to be saved for retirement, the statement said.
“In the end, the evidence really is overwhelming – understanding your client’s health and lifestyle is integral to providing effective financial advice,” said Ms Haskew.
“Any adviser who is not doing this is absolutely failing their clients in my opinion.”
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