Why are your clients looking for financial advice?

By Helen Fisher on July 12, 2019

What makes people look for financial advice?

As a financial adviser, you know how important it is for clients to pay for the expertise you provide.

Unfortunately, when you’re speaking to financial advice leads it can be difficult for prospects to see the long-term financial benefits of paying for advice.

Next Wealth is an organisation that helps advice firms adapt to changes in financial legislation through research, consultancy and thought leadership.

They surveyed a number of financial advice clients to understand why people choose to pay for advice.

The research gives insight into why potential clients want your services and the importance of promoting the long-term benefits of paying for your expertise to help you convert your leads into clients.

Why do people pay for advice?

According to the survey, the top five reasons people seek out and pay for expert advice from a financial adviser are:

  • Better potential investment returns
  • Peace of mind they’re making the right decisions
  • To ensure they meet their financial goals
  • Help with any administration involved in financial affairs
  • Access to markets

Many investors are risk-averse and believe that expert advice will help them get greater returns at a lower risk.

But ‘peace of mind’ can mean different things to different people, whether this is their aversion to risk, or simply knowing that their children or spouse are financially comfortable for the future.

Knowing a client’s financial goals and their true reasons for seeking advice helps you deliver a more personal service. This will ultimately help you to convert more financial advice leads to business.

How do people find financial advisers?

67% of clients surveyed found their financial adviser through a personal (35%) or professional (32%) referral. It’s important that you always ask your clients whether anyone they know could benefit from financial advice as a way to continue growing your business.

13% of people said they found financial advisers through online search engines. Lead providers such as Lead Tech offer a cost-effective way to connect with new clients through targeted digital marketing.

Lead Tech is one of the top lead providers in the UK, attracting over 3,500 financial advice leads each month. By working with us you can find new financial advice clients and grow your business.

Interested in how we can work together?

Get in touch with us on 01943 462 551 or email enquiries@lead-tech.co.uk today.

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