As I edge closer into the role of adviser, my focus has begun to shift from technical knowledge to something equally vital: soft skills.
The industry offers a wealth of training on products, investments and regulations, but soft skills often take a back seat. Presumably this is due to the belief that new advisers will learn on the job, or else a lack of regulatory necessity.
Yet these skills are vital for fostering trust, delivering impactful advice and improving overall client experience.
Communicating clearly, building rapport and implementing behavioural coaching are all areas where I see my room for growth. These skills typically aren’t covered for paraplanners, nor in our exams. The industry needs to address this.
Soft skills are not just ‘nice to have’; they are essential to providing comprehensive advice and the best client experience
Clients don’t want just advice; they want advice they can understand and trust. A key element is avoiding jargon, which can alienate clients and make them feel disconnected from their own financial plan. Translating complex concepts into clear, digestible information is critical to making clients feel in control.
Another key point is engaging the entire family. Too often, advisers focus solely on the lead client, typically the primary earner or decision maker. By involving spouses, children or even elderly parents, we foster deeper relationships that last generations.
This is especially relevant in estate planning or intergenerational wealth transfer; even more when these situations centre around bereavement, when true empathy is vital.
If we truly want to attract new talent, we must place greater emphasis on this, alongside technical knowledge
Much has been said about behavioural coaching in the context of investing. Helping clients manage their emotions during periods of volatility — and separate these from investment decisions — is another critical soft skill.
Clients may panic during market downturns and a good adviser must guide them back to long-term financial goals. This skill requires active listening and validating clients’ feelings before conveying a sense of calm and confidence.
Building rapport is another overlooked cornerstone of effective advice. The ability to identify shared life experiences and connect these meaningfully to clients is key to building trust.
Small talk that feels natural helps put clients at ease. This facilitates connection in more meaningful ways and means that, when dealing with major life events, you can be a person to turn to without hesitation.
Clients don’t want just advice; they want advice they can understand and trust
Our industry falls short in providing soft-skills training, despite its importance. If we truly want to attract new talent, we must place greater emphasis on this, alongside technical knowledge.
Soft skills are not just ‘nice to have’; they are essential to providing comprehensive advice and the best client experience.
Samuel Allen is a chartered paraplanner at Finura
This article featured in the November 2024 edition of Money Marketing.
If you would like to subscribe to the monthly magazine, please click here.
Samuel,
Think about who typically offers this training, usually free. It’s product providers or platforms all trying to get you to use their solutions.
I would encourage you instead to consider finding a good coach, there are plenty out there, and consider training that is focused on developing valuable non technical skills such as listening e.g Nancy Kline’s thinking environment.
Encouraging clients to think about their problems, by listening deeply and asking the right questions helping them to understand and discover will bring you closer to your clients and show them that you really care.
Clients want someone to trust that cares far more than a technical genius.
Wishing you a fantastic career advising.