Providing financial advice is about communicating with clients, rather than just strategy and compliance, iCommunicate director Andrew Whelan says.

“It is about people understanding what the advice is about,” he told the Financial Planning Association conference in Adelaide last week.

“Many advisers think it is about finding the client’s needs and then selling them the advice.

“I didn’t think that was the right way to go.”

Mr Whelan says this approach results in poor communication with clients, which leads to them becoming dissatisfied with their advice.

“It was more about the adviser saying, ‘This is me,’ rather than about the journey with the client and the advice.”

Fellow iCommunicate director Yves Stening told the conference adviser training to improve client meetings led to consumers becoming more responsive.

The communications consultancy has surveyed advisers that completed its sales conversion program.

“Our research found 75% of advisers… found the meeting more valuable,” Mr Stening said.

Mr Stening says client meetings require a framework, prepared in advance.

“When the client comes in it is about discovery, but you need to prepare the questions,” he said. “This will help create the client’s purpose and goals they want from using the adviser, including options and how they can add value.”

Mr Stening says if a client thinks an adviser has not done their homework or is pushing an agenda, the client may be lost.

“Discovery at the meeting is more than just fact-finding – it is about [the client’s] goals and current plans,” he said.

“This identifies the needs, the gaps in their plans, and what the adviser can do.

“It is a two-way process rather than the adviser’s pre-conceived ideas. It must be collaborative.”

Mr Stening says the main outcome of a client meeting is to set a date for the next.

“It means the adviser is in control of the meeting rather than the client,” he said. “It is a conversation event rather than a compliance event.”