Sanlam: clients prize the value delivered by informed, experienced financial advisers

March 16, 2021

Sanlam survey highlights advised clients’ views on advice
Peace of mind and being kept informed on tax also important

A Sanlam survey conducted by Technical Connection¹, which questioned 500 advised clients with over £50k in investible assets, revealed peace of mind and the value added by an informed, experienced financial adviser were considered two of the most important attributes.

Those who regularly saw an adviser (at least once a year) rated the value delivered by experienced, informed advisers as a high 5.8 out of 7^2. Those who saw less of their adviser still rated the value, but less impressively as a 4.1 out of 7.

Peace of mind was also a highly valued aspect of seeing a financial adviser. It scored 5.4 (out of 7) for those who regularly saw their adviser. Those who saw less of their adviser valued peace of mind as 4 out of 7.

Being kept informed by advisers was also important. When asked about how well informed they felt on tax changes and legislation by their advisers, one-fifth (19%) said highly informed and nearly seven out of ten (69%) felt fairly informed. Just over one-in-ten (11%) were less impressed, stating either not particularly well, or not at all informed.

Just under two-thirds (63%) said they would value more regular and better education from their adviser.

Respondents said they would “value guidance and ideas to ensure investments are tax efficient“, rating the importance of that as 4.6 out of 7.

Speaking about the results, Lawrence Cook, Head of UK Intermediary Distribution, Sanlam UK said: “There is a strong relationship between regular financial adviser engagement and consumer positivity about their finances. Clients who kept in regular touch with their advisers were likely to value the benefits of advice more highly, so it’s important for advisers to remember to keep up these relationships as best they can, even during these days of ‘stay at home’.

“Video calls – despite some initial client hesitancy, have proved a popular way to remain in touch. In Sanlam Wealth’s most recent client survey² 93% of respondents said the video call was just as good (62%) or better (31%) than the usual face-to-face meetings they have.”