The fear of working with our “competition” is a hurdle we need to surmount
28 May 2019
NQP partner Robert Smeath reports back on the STEP Journal roundtable, sponsored by St. James’s Place Private Clients, which discussed the importance of cross-disciplinary financial advice at a time when lawyers and accountants are taking on increasingly complex wealth management for clients:
I recently participated in a roundtable discussion on wealth planning which was reported in the STEP Journal in an article by Helen Swire. There were eight of us in all and the discussion was wide ranging and looked at how different advisers can work together to provide the very best service for clients. St. James’s Place Private Clients was kindly sponsoring the event.
Wealth management is becoming increasingly complex and many professional advisers are being faced with scenarios beyond their expertise. It is becoming more and more important for clients to deal with a multidisciplinary team which can mean that you are working with your competition.
is now a greater willingness of clients to engage with their advisors
and recognition that different professionals bring different things to
the table. This prompted my comment that ‘We need trust and
understanding of each other’s different areas of expertise, and to
recognise that everybody has a slightly different emphasis and skill
that they can offer.’
Key to being able to work collaboratively in the best interest of the client is to have client- objective-based approach and to simply get over the hurdle which is the fear of working with your competition.
eight experts also considered how family wealth can be used to address
the different needs of generations. We are particularly mindful of
this when considering how many of the trusts we administer should invest
so that they can balance the competing demands of the “sandwich”
generation” for education costs, housing and retirement. Members also
highlighted the value of involving younger members of the teams and
ensuring a next-generation perspective along with the need for educating
clients so that they were aware of the options available.
The discussion was wrapped up positively with all those around the table agreeing that the key was communication and collaboration to find the best path for the client.
Click here for full article by Helen Swire, Holistic Wealth Planning, STEP Journal (Vol 27, Issue 4) page 64.