An adviser survey has found that almost half of advisers spend less than two hours per week on client engagement activities, with some dedicating no time at all.
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.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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