Europeans work with 3-4 financial advisers, finds report
Clients throughout Europe generally work with three or four financial advisory firms to manage their wealth portfolio, according to The Futurewealth Report 2014. The results of the survey, published this week, highlight that a firm’s reputation and value for money service are the main criteria clients look for in a financial adviser.
The majority of the 3,025 people questioned work with, on average, 3.2 wealth management firms, whilst those with over $4 million to invest, tend to consult on average 6.5 financial advisory companies.
A total of 74 per cent of clients cited a firm’s reputation as being the most important factor when deciding to use their services. Word of mouth is crucial in our industry, as is the case in the majority of industries. The survey showed that 22 per cent of people ask a friend or family member their opinion before choosing a financial adviser. It’s a well-known fact that a bad review will stick in the mind more than positive feedback.
The cost of financial advice came in second in the poll, according to 64 per cent of those asked ‘what is the most important factor when selecting a wealth management professional?’ Clients need to ensure that their money is being well spent and their financial adviser is successfully working towards achieving, and in the long-term exceeding, their financial objectives.
I believe if you find the right financial advisory firm for you, one that has qualified wealth management professionals you trust, is able to offer a broad array of services, has a proven track record of success, and is able to demonstrate how it can empower you to reach your financial goals wherever you are in the world, then that is the best option. This is because your chosen IFA can then have a ‘global’ perspective as he or she the complete picture at their disposal.
The one and only
deVere Group, which now has more than $10 billion under its advice and management and an 80,000-strong client base globally, has long-established alliances with leading institutions all over the world. This enables our wealth management professionals to offer our clients superior, and often exclusive, access to certain markets and products.
We believe in reviewing each client’s portfolio every quarter to ensure that we’re consistently on target to reach the client’s financial objectives – whereas the industry standard is an annual review. But personal circumstances, the industry and the market often change and this can dramatically alter an individual’s financial situation and requirements.
In short, deVere is proud of its commitment to go ‘the extra mile’ for its clients and of the results-driven service we deliver. And these reasons, amongst many others, such as our robust global network, I believe, are why the majority of our European clients do not feel it necessary to work with any other financial advisory organisation apart from us.