Report: The Financial Advice Paradox – Identifying the Vital Skills Financial Advisers Need

M&G Wealth and Aon have teamed up to release a groundbreaking new report that sheds light on the essential skills financial advisers need to effectively serve a wider range of clients. The report, titled ‘The Financial Advice Paradox’, emphasizes the increasing importance of interpersonal skills, such as emotional intelligence, empathy, and trust-building, in establishing deeper and more meaningful relationships with clients.

The research, conducted by occupational psychologists, underscores the evolving nature of the financial advisory profession and the need for advisers to adapt to changing societal needs, technological advancements, and regulatory requirements. The Adviser Future Skillset, outlined in the report, has been developed through extensive consultations with industry experts, senior stakeholders, and M&G Wealth Advice’s own financial advisers.

One of the key findings of the report is the crucial role that interpersonal skills play in bridging the advice gap and connecting with a growing number of individuals seeking financial guidance. By focusing on greater representation, awareness, and understanding of clients’ needs, advisers can build long-lasting relationships and help clients achieve financial well-being.

Ross Liston, CEO of M&G Wealth Advice, commented on the report, stating, “Providing financial advice is a deeply personal process that requires building trusted relationships and prioritizing each client’s unique circumstances. The future of the advice profession lies in understanding clients’ financial well-being and providing them with peace of mind through tailored plans and professional support.”

Katherine Conway, Head of Inclusion at Aon, praised M&G Wealth for their commitment to diversity and inclusion in their financial advice offerings. By investing in the development of essential skills for advisers, M&G Wealth is positioning themselves to meet the needs of a more diverse client base and drive impactful adviser development and hiring practices.

Overall, the report highlights the shifting landscape of the financial advisory industry and the importance of cultivating interpersonal skills to better serve clients and foster long-term relationships. As M&G Wealth continues to grow, they are dedicated to supporting their advisers in developing the necessary skills to thrive in an ever-changing and demanding environment.