Invaluable Consumer Insights - "How we'd like our financial adviser to engage"

So if you've been a reader of our posts you may be thinking these writings are a bit left of centre, that you have a process for engaging clients in your financial services, financial planning, insurance business and it works just fine.


That's great!


So I need to ask you something.


Can you self assess your process against the following wants of clients?


Recently we conducted some focus groups with consumers on a range of brand recognition issues(in respect to financial services companies) and engagement perceptions by insurance advisers and financial planners.


We found brand recognition high for the 2 major players in the domestic market in respect to the fact that these two AMP and MLC were immediately associated with financial advice. Product recognition was high for BT and Colonial First State but the associated financial planning groups were not recognised.


The major banks had a high degree of recognition for lending services but low recognition with financial advice and the perceived quality of that advice.


In regard to engagement this is what the consumers said they wanted:


- "I want an adviser that shows they are interested in my situation and what I need"


- "I want to understand how what products they recommend are actually going to make a difference to my family"


- " I do not want off the shelf advice, I want it personalised"


- I want the adviser to know what is important to me, before they give me advice" - " I want them to know me, not just my financials"


- "If they can't connect the strategy to my life goals, then I think they miss the point"


- "I feel like I'm being sold something that's standard I don't understand how it's for me"


- "I don't care about generic newsletters in a service offer, I want something that is relevant to me"


- "I got some advice, I couldn't understand it, the report was 100 pages long, it was just a computer programme with my name on the front. Then they asked me to refer family and friends, they are kidding themselves"


-"My mortgage guy knows more about me and my family than my adviser ever could. The guy who did my loans has been to my house, he knows how I live and what sort of people we are"


So, how much do you know about your clients? How relevant and meaningful are your recommendations? What does you advice - written reports - statements of advice - look like, read like?


Still comfortable with your process?