We ask advisers for their tips on managing clients when they go on holiday...
Philip Pearson, partner, P&P Invest:
"With financial markets experiencing an ever-increasing level of short term volatility, it is vital that client’s receive a personal level of service where the adviser has their finger on the pulse on a daily basis.
For single adviser practices, this is clearly difficult should the adviser be away over a long period through either illness or vacation.
Should this occur, the FSA requires that a locum arrangement be established whereby delegation of responsibility in looking after the needs of clients are met by an alternative firm.
For a multi-adviser firm, there is always an alternative partner to cover a period of absence.
Whether using the services of a locum or an alternative adviser from within the firm, it is important to have a database and system of administration that provides easy access to information relating to the client’s investment portfolio, and savings plans.
One of the most effective ways of providing effective management of a client’s portfolio is to have a panel of common funds for all clients, in conjunction with the use of a platform, or database, that identifies the holding each client has.
This was particularly useful last year when we needed to identify, quickly, all client holdings in UK funds.
We were concerned about the potential consequences of a hung parliament before last year's election, and gave advice for the complete sale of funds investing in UK equities.
Without such an efficient administration system, the management of such change would be very time consuming and problematic.
Advisers need to provide a high level of personal service in meeting with the needs of their clients into the future, whether they are in the office or away.
Efficient administration support, in conjunction with a good back office system, is essential in achieving this."
Leading losses in the NASDAQ
Fight ‘familiarity bias’
Our weekly heads-up for advisers