Long-lasting relationships,trust and the importance of communication in financial advice

In life, we hope for impactful, long-term relationships. Financial advice is no different!

Rather than being a one-off, ‘one size fits all’ service, good financial advice relies on forging long-lasting relationships that rely on trust and communication.

Everyone will have unique circumstances and financial goals, which is why being able to trust your Financial Adviser to guide you through the ups and downs of your financial journey is essential.

The value to be had in solid financial advice isn’t just in the long-term payoff and the future, it’s in the security you have in knowing that changing circumstances doesn’t mean a change in the level and quality of care you receive.

So, why does the relationship you forge with your Financial Adviser matter?

1) Things change

As we’re still adapting to the changes caused by COVID-19, we’ve realised that now, more than ever, change can happen suddenly and unexpectedly.

There are a lot of milestones we wish to reach throughout our lives that we intend to plan for, but often there are unexpected events that show up in-between.

When it comes to protection planning, for example, these sudden events can have a major impact on you and your loved ones – and sensitivity is absolutely essential at times like these. 

We can’t see into the future to tell you what might change, but we can help you prepare for life’s uncertainties and protect you from the detrimental effect of unexpected changes in circumstance

2) Communication is key

Bespoke financial plans require continual communication, adaptation and trust.

You want to be certain that your future plans are within reach through adequate planning that accounts for an appropriate timescale, and as mentioned previously, potential changes.

The methods for which we can communicate have changed drastically in the past few years, and with COVID-19 in particular, video calls have become a preferred method for meetings with clients.

This isn’t a bad thing, and in fact, may be a factor in a client seeking out more frequent contact than they have previously.

The best Financial Advisers not only walk their clients through their finances, but give them the confidence to approach their finances and ask questions as needed.

Whether over a Zoom call or a traditional face to face meeting, clear and concise communication with a keen level of understanding is a great foundation for Financial Adviser/client relationships.

3) You wouldn’t trust anyone with your financial future

We know that it can be daunting to seek financial advice, and it’s for that very reason that I believe customer service is absolutely essential in the process of financial planning.

From retirement to protection planning, finances require support and sensitivity in order to establish a trusting relationship that continues throughout your financial journey.

A financial plan isn’t created solely by a Financial Adviser assuming what a client wants, but is a collaborative and continual process to achieve the best results.

Having worked in the financial services industries for many years, I cannot stress the importance of seeking out financial advice from someone that you trust enough – your financial plan needs to be reliable and enduring and your relationship with your Financial Adviser does, too.

Sovereign Wealth Limited is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. Sovereign Wealth Limited is a Limited company registered in England and Wales, Number 07115386. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.