The 54% of financial advisers identified in the Q4 2015 survey were also focused on giving clients a more consistent ongoing service.
This research forms part of a White Paper released by Old Mutual International on the evolution already underway in the international advice market, which includes market perspectives from strategy and transformation consulting organisation Capgemini Consulting UK.
Old Mutual International said the paper aims to help advisers understand how the combination of regulatory convergence and shifting client expectations are creating new opportunities for international advice businesses.
It further identifies and navigates some of the subsequent threats associated with these changes, showing how advisers can adapt and thrive in this new world.
Steven Levin, chief executive of investment platforms, Old Mutual Wealth, said: “The transformation taking place in the international advice market is a positive change and will help ensure the future success and credibility of the sector. Forward thinking advisers will be the long-term winners, and those who do not embrace change risk being left behind.”
He added: “The debate we are leading with financial advisers will help demonstrate the importance of these changes, and, importantly, will help shape the support we offer firms going forward.”
Consistent direction of travel
The paper also highlights that while all international markets are not progressing at the same speed of regulatory change, the direction of travel is consistent.
Some of the themes include how at a global level client expectations are evolving, demanding greater transparency and value, and the way in which advances in tech technology are also contributing to a change in expectations.
Capgemini Consulting UK, with its experience of the UK wealth market and the wider international adviser landscape, has set out what it sees as the three areas which advisers need to consider to thrive over the long term:
- Sustainability – advisers need to consider providing differentiated advice and engagement models offering wider choice of services to clients
- Striving for better customer outcomes – advisers need to ensure they are offering customers compelling value that can be clearly articulated and demonstrated.
- Efficient business models – advisers need to review their business practices and leverage technology where possible to ensure they achieve a lower cost of advice model and at the same time remain profitable and sustainable.