Top 12 Frustrations with Financial Advisers: What Clients Should Expect and Demand
As one of the best financial advisers in Dubai (backed up by many!) with years of experience working with professional expats across the Middle East, I understand the importance of building strong relationships with clients. Part of that process involves addressing the frustrations clients may have experienced when working with some financial advisers.
By knowing what to expect and demand from your adviser, you can ensure a better experience and overall success with achieving your financial goals.
In this article, I discuss the top 12 frustrations clients often face with financial advisers and what you, as a client, should expect and demand to overcome these issues.
1. Lack of Communication
Clients should expect clear and timely communication from their adviser. Make sure your financial adviser is responsive and proactive in keeping you informed about your investments, market trends, and overall strategy. If you want to be regarded as one of the best financial advisers in Dubai, you have got to give your clients open lines of communication.
2. Hidden Fees
Transparency is essential when it comes to fees. Your financial adviser should clearly outline their fee structure and explain the value you receive in return for your investment. Don’t hesitate to ask for a written document detailing all costs associated with their financial services.
3. Inadequate Attention to Detail
A thorough understanding of your unique financial situation is vital. Ensure that your adviser pays attention to details, takes comprehensive notes during meetings, and reviews all relevant documents.
4. Cookie-Cutter Advice
Your financial situation is different from others, and you deserve tailored advice. Make sure your adviser invests time in understanding your individual needs and goals and creates a customized financial plan accordingly.
5. Insufficient Personalisation
You deserve personalised attention and to feel valued. Expect your financial adviser to get to know you on a deeper level, understand your values, aspirations, and concerns, and use this knowledge to create a bespoke financial plan.
6. Limited Investment Options
A diverse range of investment options is crucial for catering to your unique needs and preferences. Ensure that your adviser conducts thorough research and presents various investment opportunities that align with your goals, risk tolerance, and timelines.
7. Overly Technical Language
You have the right to understand your financial situation and the recommendations your adviser provides. Make sure your adviser simplifies complex concepts using everyday language and analogies.
8. Unkept Promises
Maintaining trust is vital for a successful relationship with your financial adviser. Ensure they only make commitments they can fulfil and follow through on them diligently.
9. Unaddressed Concerns
Addressing your concerns is essential for maintaining satisfaction. Expect your financial adviser to actively listen to your worries, empathize with your situation, and collaborate on finding effective solutions.
10. Lack of Long-Term Focus
Your financial adviser should help you achieve your long-term financial goals. Ensure they regularly review your financial plan, track progress, and make adjustments as necessary to stay on track with your targets, timeframes and circumstances.
11. Inflexible Service Offerings
As your circumstances evolve, your financial needs may change. Make sure your adviser remains flexible in their service offerings, adapting and expanding them as needed to cater to your evolving requirements.
12. Ineffective Client Education
You deserve to make informed financial decisions. Expect your adviser to provide resources such as articles, webinars, and workshops to help you better understand your finances and the strategies they recommend. Encourage open dialogue and ask questions when needed.
By being aware of these top 12 frustrations and knowing what to expect and demand from your financial adviser, you can pave the way for a more satisfying experience and long-term financial success. Hold your adviser accountable for meeting these expectations, and work together to achieve your financial goals. Why would you work with anybody less than one of the best financial advisers in Dubai?
About Mike Coady
Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.
Mike is an award-winning money coach and industry leader in the financial sector.
Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), and a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.
To learn how to choose a great financial adviser, download our free guide.
Blog published by Mike Coady.