IT’S PERSONAL
The sponsored article by private wealth manager Melville Douglas on pages 34 and 35 ends with the words “it’s personal”, referring to the quality of client service on which the company prides itself. But without detracting from what Melville Douglas has to offer, I believe “it’s personal” has become the bar above which financial services companies will need to operate in the future to succeed.
The relationship between the industry and the consumer has been a rocky one. For decades, products and services were weighted in favour of the industry: the predominant business model, where you were persuaded to buy inappropriate products on the “advice” of commission-driven salespeople, put company profits before your interests.
There is still much room for improvement, but the “democratisation” of financial services – first through the proliferation of unit trust funds and more recently the rise of digital disruptors offering, among other things, quick-and-easy insurance and access to the stock market – forced the large incumbents and their adviser networks to bring you, the client, into the centre of their business model.
It goes further. Professional financial advisers and planners worth their salt are finding that “it’s personal” goes beyond putting you into appropriate products. There’s a psychological element to managing money and optimising your chances of building wealth. The adviser needs to act as a coach or mentor: holding your hand, educating you in the ways of investing and managing money, guiding you through difficult periods to prevent a knee-jerk response undoing years of good work.
Read Anna Rich’s well-researched article on page 8 to find out more about this new breed of advisers.
As always, the magazine contains articles on a diverse array of financially related topics for your information and edification. Enjoy the read.
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