IFAs should take a more pro-active stance with client management if they want to build up a trustworthy relationship, suggests a research released by Abbey for Intermediaries.
According to a research conducted on behalf of the Glasgow-based lender, people say they would prefer advisers to pro-actively inform them about what is happening in their portfolio and how their current portfolio could be improved.
They also would like to have an ongoing client-adviser relationship with their IFA across all their financial holdings.
In cases where this could be possible - alongside a more pro-active role taken by the adviser - clients seem to both trust and rely more on their IFAs for financial advice, Abbey suggests.
Research - which questioned a number of high-net-worth clients on what they are looking for from their IFA - reveals people think the best way to find a 'trustworthy' adviser is through recommendations from other clients.
Those questioned also believe getting on with your IFA as a friend could help boost the professional relationship.
IFAs who have formed a trusted relationship with their clients could find it easier to charge them on a commission basis, the research says, as clients who trust their IFA seem to find it more acceptable.
In other cases, clients tend to go for a 'good deal', which could either be through reduced or shared commission or by paying fees.IFAonline
Latest news and analysis
Drip-feed. Blend. De-risk
£92bn transferred since 2015
Achievements, charity work and other happy snippets