Centric Wealth has said that recent feedback from its clients indicated that a demonstration of value and capital security are more important than price when judging the overall value of advice.
The findings came from the first meeting of Centric Wealth’s newly formed Client Advisory Group, which will form a key part of its future growth strategy.
According to Centric Wealth chief executive officer, Phil Kearns, the advisory group will give clients with the opportunity to provide strategic input into the future management of not only their own investments, but also the organisation as a whole.
“Key to any successful client / advisor relationship is the ability to listen to one another to improve the overall client experience as well as generate new opportunities for growth,” explained Mr Kearns. “The new advisory group will enable us to find out what we don’t know, demonstrate our accountability to our clients and create a real sense of a shared future.”
Centric Wealth invited 10 clients to become members of the advisory group, with the first meeting haven taken place in March. Mr Kearns said the discussion found that clients are still concerned about market performance, but that receiving strategic guidance, knowing advice is based on outstanding research and security for their investments was more important than the cost of advice.
“For me and our advisers the most important message was that fees will only be an issue if the client does not believe they are receiving value. We think this is an important reminder for our whole industry, given fees have been front and centre of all discussion for so long,” he said.
Mr Kearns said world financial market events and effective capital management were also key concerns at the first meeting.
“Clients want advice and reassurance around major financial events, such as the problems in North Korea, and to know how these issues impact the security of their capital. The challenge of adjusting to retirement was also central to the discussions, and this is certainly something that does not necessarily come easily to everyone.”
Mr Kearns said Centric Wealth will continue to work with the client advisory group to identify perceptions of key industry developments and emerging trends, as well as candid comments on the quality of its services and where clients believe improvements need to be made or new services introduced.
“As an organisation, we are committed to following up on these recommendations to continually improve our services to best suit changing needs of our clients and evolving financial market conditions.”
The advisory committee includes clients from a variety of backgrounds and financial circumstances together with a mix of Centric Wealth management. The group will meet on a quarterly basis.
