Advisers should not feel pressured to produce monthly or even quarterly update reports for clients, according to management consultant Brett Davidson, who brands the practice "lunacy".
Davidson (pictured), chief executive of FP Advance, which works with financial advisers to improve the efficiency of their businesses, said firms often ‘over-engineer' their ongoing review programme, leading to an unnecessarily high work load. Clients are only concerned about two things when it comes to their adviser, according to Davidson, and these can both be dealt with at an annual review: Is everything going to be alright, and what have you done for me lately? "Strip out everything that doesn't assist you in addressing these two key issues. I've seen firms preparing quarterly and...
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