There is a knowledge gap surrounding soft skills in young advisers as they complete their paraplanning apprenticeships and seek to gain client-facing experience, Hans Egger, co-founder of client engagement tool Astute Wheel, said.
“These soft skills need to be both learned and applied,” he said.
“The AstuteWheel helps advisers bridge the gap in this knowledge and educates them on how to demonstrate value to clients in their goals based advice process.”
While the tool was in the development stage, Mr Egger worked with young planners to identify specific needs and uncover gaps in how they relate their technical knowledge to the needs of the client.
Stephan Strategic CFP and director Joe Stephan said the AstuteWheel has helped him make the most both of the client’s time and his own.
“One of the things that has been inherent in the financial planning industry is taking down facts and figures in meetings, which does my head in,” he said. “Collecting facts and figures doesn’t help us engage our clients and doesn’t build trust.
“One of the things AstuteWheel has really helped us with is the collection of data prior to the meeting.
“When the client comes in, we can learn about them and start to really understand what strategies would work.”