Soft skills are just as important for an adviser as technical expertise, says financial advice firm Continuum.
According to the firm, if advisers do not have the emotional and practical intelligence skills to help their clients open up about their dreams it is much harder for them to put a financial plan in place to help them achieve them.
More than half (52%) of Britons said trust and credibility are the most important factors when choosing an adviser, while 32% cited personalised advice and quality of service. In comparison, just a quarter (26%) valued expertise and qualifications as the most important attributes.
Martin Brown, managing partner at Continuum, said: “Financial advisers are skilled at helping their clients make the most of their money, but without truly understanding the hopes and dreams of their clients, are they really doing all they can to help them achieve their goals?
“It is part of the role of a good adviser to help clients open up, so they can plan their finances to achieve their goals.
“Technical skills are absolutely essential, but I would argue soft skills are just as important. Developing and growing meaningful client relationships not only helps you understand what makes them tick and what behavioural biases they may have but can also ensure that the long-term plans you put in place together reflect their dreams for their retirement.”
Continuum says advisers are also perfectly positioned to help their clients have sensitive conversations with their loved ones about money.
Brown added: “Research shows that people who are able to talk about money make better financial decisions, feel more in control, have stronger personal relationships and help their children form good lifetime money habits.
“Finding a way to talk about money is important, but money talk can be incredibly frustrating and emotional.
“Advisers should help their clients talk about their dreams and fears with their nearest and dearest.”
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