As multi-award-winning Talent Managers, we have the opportunity to talk to a large number of companies about the skills currently in demand. We are always striving to find what the “right” candidates look like and why their particular skills are the most in demand.
Looking after someone else’s finances is a big responsibility; it directly affects their life both now and longer term. This means, that for a lot of people, their Wealth Management Adviser will be a hugely significant person in their life, so it’s extremely important they find the very best help. In turn, Financial Services advisory companies strive to find the top candidates to serve the best interests of their clients.
An effective Adviser creates a happy client, and ultimately a happy bottom line.
Let’s start with the person, because after all, Wealth Management is a people business – we need ethical advice when trusting someone with our money. Its so important to have the right fit for your company team too – who the person is, is everything.
With our years of experience in the industry we know that some of our clients will lean towards certain personality types, so for us it’s about matching the personality to the client, so they have the right Adviser for their clients.
It’s not enough to simply find excellent products, a great Financial Planner or IFA who will actively listen to their client’s needs and responses in order to provide suitably tailored products. They will then be able to clearly and comprehensively explain sometimes complex financial concepts, so their clients can easily understand and feel comfortable asking questions.
Of course, interacting with employers, peers and clients is a huge part of a Financial Adviser’s life, so we need to be reassured that they can build rapport and promote trust – essential in developing effective and enduring relationships. Not only is the Adviser/Client relationship built and maintained with mutual trust, but working relationships benefit from this too, so our clients value this very highly.
There is truly so much to say on this topic…so much in fact, that there is a whole section below on the value of a solid relationship.
This is beneficial on so many levels; staying up to date with the latest wealth management trends in financial services will really help a candidate stay in touch with the ever-evolving skillset that employers seek. Plus, current knowledge of relevant regulations and products ensures clients are advised appropriately, making the depth of knowledge and therefore advice given, broader and more relevant.
This is a biggy for an employer – it might not seem obvious but don’t be fooled. A Financial Adviser, as you know, juggles many things daily – client meetings, preparation of financial plans, researching market trends, staying on top of industry regulations, analysing investments – you get the idea. So, by streamlining workflows and prioritising tasks, Wealth Advisers can get more done in less time, freeing them up to focus on high-value activities like client service and in-depth financial planning. With more time per client, deadlines will be easier to meet, thus creating a healthier work-life balance and reducing stress and burnout. There may even be free time to prospect for new clients – making everyone happy!
As we all know, trust is essential in Adviser/Client relationships – networking allows connection with potential clients in a relaxed environment, establishing a natural rapport and credibility. Networking also ensures there is time for building strong relationships with industry peers enhancing an IFA’s reputation.
Being recognised as a knowledgeable and trustworthy professional is useful in attracting new clients seeking qualified guidance, it also helps with referrals from trusted connections. This is all highly valuable in growing a client base, making this a very strong positive for an employer.
One more thing to mention – it’s a competitive world out there and a solid network will not only keep a Financial Adviser up to date with industry trends, regulatory changes and investment opportunities, it will also help them keep abreast of what competitors are doing. This enables them to position themselves strategically to attract and retain clients, and offer them the most up to date advice.
Trust underpins everything in the Wealth Management world, so let’s look at this and some other attributes of a great Wealth Manager.
What are the building blocks for developing trust and rapport? This is really important to a great Wealth Management Adviser, as it builds honest and meaningful relationships.
Soft facts are key! A great Wealth Planner spends a lot of time on the getting to know a client personally:
Understanding a client’s unique financial situation, goals, and risk tolerance allows the Adviser to create the perfect financial plan, ensuring their recommendations are suitable and effective for the client’s specific needs. An Adviser that truly knows their client can holistically anticipate life changes and adjust the financial plan accordingly to consider the whole financial picture. The client needs to feel totally comfortable trusting the cohesive, relevant and effective advice given.
Being ethical and honest is paramount in building trust. Clients impart sensitive financial information and share details of their personal life and subsequent financial advice can lead to decisions that significantly impact their lives, and the lives of their loved ones. The client needs to be one hundred percent satisfied that the advice given is in their best interest.
Ethical behaviour ensures that the Adviser acts with the client’s wellbeing at heart, providing unbiased and transparent advice without conflicts of interest. Honesty fosters a sense of security and confidence in the client, encouraging open communication and long-term relationships. Furthermore, adhering to ethical standards protects the Adviser from legal repercussions and enhances their professional reputation, ultimately contributing to the integrity and credibility of the financial advisory profession as a whole.
A relationship can break down very easily, so to maintain confidence in the Adviser’s capabilities and dedication there must be a consistent and timely delivery of commitments. This demonstrates reliability and integrity, ensures the clients feel secure and valued, laying the way for a long-term successful advisory relationship.
It’s not all about trust though – Knowledge is key too!
A great Wealth Management Adviser knows their stuff.
As well as great relationship building skills, to truly support their clients’ needs, the IFA will need to be well qualified:
Expertise allows Financial Advisers to deliver high-quality, personalised advice that enables clients to achieve their financial dreams and secure their financial future. Alongside this however, they must also be able to impart this knowledge – taking the time to explain financial concepts clearly, empowering clients to make informed decisions. The Adviser should also be adept at understanding and managing risk, tailoring investment strategies to align with each client’s specific risk tolerance, offering solid advice on asset protection and risk management.
To illustrate their expertise, all Financial Advisers need to acquire industry qualifications and keep on top of their CPD. Continuing professional development (CPD) for Financial Advisers means that you undertake 35 hours of continuing professional development each year – with at least 21 hours of that being structured. You will hold a Statement of Professional Standing (SPS).
A great Financial Planner is keen to have great knowledge to help their clients and this includes:
Excelling at the above and having a proactive can-do attitude will be a big plus in the financial world. Financial plans need adjusting when market conditions change, or significant life events for clients occur, and to keep abreast of all of this takes skilled time management and planning. An Adviser must be accessible and responsive, producing timely analysis for short-term objectives or long-term aspirations and providing support whenever clients need it.
Analysing complex financial situations, anticipating future trends and devising comprehensive plans all need to be second nature to a great Financial Adviser. Some people have an innate aptitude for strategic thinking, for others its harder, requiring continuous learning, gathering of experience and professional development to master it. Effectiveness in this area requires a combination of analytical skills, industry knowledge, creative problem solving, all of which can be cultivated through education, training and practical experience in the financial planning field.
Some clients have very specific needs in terms of industry knowledge, or client type or advice given. However, what it truly comes down to, what really makes an Adviser great – to be the one that a client will want in their company – is an Adviser that puts their client first, front and centre, always being cognisant of their clients’ needs.
If a Wealth Planner truly cares about their clients, then they take the time to know their clients as people and keep their promises to them in consistently delivering great advice in a compliant way. This will lead not only to happy clients, but profitable ones too, as they will stay for the long term and trust their Financial Adviser to support them, their family and their friends with their Wealth Management needs.
“Truestar Talent specialises in the placement of high quality people within financial services.
Consistently delivering great results – by keeping promises, rising to challenges, planning ahead and going above and beyond!”
10 Skills You Need to Be a Successful Wealth Manager | SmallBizClub
If you would like financial advice and you don’t know anyone who is currently providing a great Wealth Management service then try: https://www.unbiased.co.uk/pages/home
If you are looking for your new home in Wealth Management then try: www.truestartalent.co.uk
A great Financial Planner enables every client’s personal financial decision to feel like a step closer to their dreams. Being very ethical and honest is paramount when dealing with someone else’s money. A great Adviser that puts their client first, front and centre, always being cognisant of their clients’ needs
