According to the Association of Professional Financial Advisers (APFA), the revenues generated by the financial advice market increased to over £3 billion in 2016.
While this is partly due to the benefits offered by a percentage-based charging model, there’s no doubt that this industry is becoming increasingly competitive in the current climate.
This is creating a significant challenge for advisers who want to claim a viable market share, so here’s some advice to help you improve the service that you deliver to your clients.
1. Don’t be Afraid to Seek out Advice for yourself
While it may be your job to deliver sound and expert financial advice to your clients, you should always account for any potential gaps in knowledge and understanding.
After all, advisers who operate as sole traders can often lack the learning resources available to larger firms, and this can cause significant issues in terms of the information being fed back to clients.
To help negate this risk, you should consider liaising with well-established wealth management firms such as Downing.
Not only will this offer you access to some cutting-edge advice and potentially innovative information, but it could inform the future services that you provide to your own clients.
2. Keep in Touch with the Latest Financial Legislation
On a similar note, it’s also important to note that financial legislation and the regulatory guidelines laid out by the FCA are constantly changing.
It’s crucial to keep pace with these changes, otherwise there’s a chance that you could end up offering irrelevant or outdated advice that undermines your client’s finances.
This will not only ruin your reputation as an adviser, but it may also lead to costly legal claims and lawsuits in the future.
3. Continue to Diversify
As you continue to learn from others and the constantly changing regulatory guidelines, it makes sense that you should try to diversify the services that you offer to your clients.
The key is to identify relevant and in-demand services that offer genuine value to your clients, whether this lies in the form of a specific asset class or advice surrounding niche topics such as estate planning.
Beyond this, you’ll also need to make sure that you can deliver these new services in a skilled and professional manner, providing reassurance to your clients in the first place.