Clients of Centric Wealth have informed advisers that price isn’t as important as it’s being made out to be - fees will only be an issue if the client does not believe they are receiving value.
The comments have come from the first meeting of the firm’s Client Advisory Group. The group includes 10 clients from a variety of backgrounds and financial circumstances, plus a mix of Centric Wealth management.
Centric Wealth CEO Phil Kearns said the issue surrounding price was “an important reminder for our whole industry, given fees have been front and centre of all discussion for so long.”
World financial market events and effective capital management were also key concerns for clients 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,” said Kearns. “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.”
Clients are still concerned about market performance. Receiving strategic guidance and knowing that advice is based on outstanding research and security for their investments are more important than the cost of advice, said Kearns.
He said that advisers needed to listen to their clients’ needs to generate new opportunities for growth and to improve the overall experience. “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.”