By: Florbela Yates, Managing Director at Equilibrium
To effectively serve their clients, advisers need certain essential elements to streamline their operations, enhance client interactions, and provide access to accurate and up-to-date information. There are seven key factors that can contribute to their success and in delivering top-notch financial advice:
1. Saving time
By using efficient tools, technology, and streamlined processes, advisers can minimise administrative tasks and focus on providing valuable advice to their clients. Time-saving measures can include automated data inputs and analysis, streamlined client onboarding, and efficient portfolio management systems.
Advisers can also look to a discretionary fund manager (DFM) like Equilibrium to find ways to enhance the value of their advice practices.
Some of the benefits that a DFM brings are in aligning portfolios across advisers in a practice or network, establishing a fund list, helping advisers with succession planning, and even the alignment of books during an acquisition.
2. Making conversations with clients easier
Advisers need tools and resources that facilitate seamless communication with their clients, such as secure messaging platforms, video conferencing capabilities, and client portals. This is especially important during times of increased market uncertainty and high volatility. Over the past three years, the demand for real-time communication and access to underlying holdings in the portfolio has increased substantially. Since advisers don’t typically have access to this information, they rely on us to provide regular updates literally at the touch of a button.
3. Access to real-tme information, manager insights, and portfolio information
Access to real-time information is crucial for advisers to make informed decisions and provide accurate advice. Having access to market data, economic insights, and portfolio performance analytics allows advisers to stay ahead of market trends, identify investment opportunities, and provide timely advice to their clients.
4. Access to portfolios that time in with their advice process
Advisers require access to a range of investment options and portfolios that align with their unique advice process. This includes diversified portfolios, model portfolios, and customisable investment solutions. By having access to a wide range of investment options, advisers can tailor their recommendations to meet their clients financial goals.
5. Reasonable fees
Advisers understand the importance of providing value to their clients while ensuring their services remain affordable. Offering reasonable and transparent fee structures builds trust and reinforces the adviser-client relationship. It is essential for advisers to communicate their fee structure clearly and demonstrate the value they provide in exchange for their fees.
6. Access to a human being
Despite advancements in technology, the human touch remains invaluable in the financial advisory industry. Advisers appreciate having access to dedicated support teams and experts who can assist them and enhances the adviser’s ability to deliver high-quality advice.
7. Access to data and other information
Accurate and comprehensive data is necessary to make informed decisions and provide reliable advice. Access to reliable market data, research reports, economic indicators, and industry insights enables advisers to stay informed and offer well-informed recommendations. Additionally, access to educational resources and industry updates helps advisers stay up-to-date with the latest trends.
By prioritising these factors, advisers can enhance their efficiency, improve client interactions, and provide valuable advice that aligns with their clients goals and objectives.
To find out more about Equilibrium and how we bring improved balance into your financial advice practice, visit eqinvest.co.za.
Equilibrium Investment Management (Pty) Ltd (Equilibrium) (Reg. No. 2007/018275/07) is an authorised financial services provider (FSP 32726) and part of Momentum Group Limited, rated B-BBEE level 1.
