Wealth management is a challenging business. It’s highly regulated, customers have diverse needs, and in theory the tools to deliver good outcomes are open to everyone. Where are the differentiators? Everyone can buy the same funds, the same stocks, can in structure affairs in the same way. We of course all know that the choices you make for clients make a material difference to the outcomes they receive. Indeed, wealth management is a series of important choices, reviewed and either reaffirmed or changed, on an ongoing basis. This is sometimes difficult to convey to clients, who take the view we articulated earlier where are the differentiators? However, if you surveyed 100 people, they’d all have a different view on the value their adviser added.

Advisers understandably get a lot of credit for great client outcomes. However, our experience of working with adviser firms across the UK, allows us to get under the bonnet of how successful adviser firms are built. Great advice and great client experiences are often built by a team of people. Taking a football analogy, the adviser may score the goal, but the team have patiently passed the ball around the pitch to create the opportunity. Good advice and customer service can look easy but dig deeper and a lot of hours have gone into building great standard operating procedures to make onboarding and client reporting top notch. It’s easy to set up as an adviser, but it’s not always easy to deliver a great client outcome without a team.

Whilst marketing can bring in new clients, we are often told that the highest quality leads for a wealth management firm come from referrals, and referrals come from great client service. The expertise of financial advisers is undoubtedly crucial, but the backbone of a truly exceptional client experience lies in the high-quality support services provided by paraplanners and administrative staff.

At the heart of the successful wealth managers we meet is a dedicated team of professionals committed to ensuring that clients receive personalised, attentive, and proactive support at every stage of their financial journey. Paraplanners play a vital role in this regard, leveraging their expertise in financial analysis, research, and planning to assist advisers in crafting comprehensive and tailored financial solutions for their clients.  A paraplanner’s ability to provide accurate and timely reports for the adviser can be a real differentiator at a time when we hear stories of reports taking weeks. It can also help retain high performing advisers, who rely on quick turnaround times and accurate reports. It’s natural that some paraplanners will want to become advisers, but we recommend firms have a balance of those who want to become advisers and those who want to be professional paraplanners. The stability and value-add a professional paraplanner adds to a business can’t be under-estimated.

IFA administrators’ contribution mustn’t be overlooked either. It’s a great career for those who enjoy developing process and who are detail orientated. Financial Planning Administrators are often the unsung heroes of the wealth management world are responsible for the smooth and efficient operation of the firm, handling everything from client onboarding and account maintenance to regulatory compliance and reporting. By proactively managing client inquiries, processing transactions in a timely manner, and ensuring strict adherence to regulatory requirements, financial planning administrators play a critical role in fostering positive client interactions and building long-lasting relationships. Their dedication to excellence and commitment to service excellence are key drivers of client satisfaction and loyalty.

Advisers often rely on performance and client outcomes for marketing purposes. This will always be important, but in an industry which is perceived to have few, if not any, differentiators, advisers can find an edge when prospecting by selling their firm’s high quality support function, who get to know clients needs. There is far more focus by the FCA on operational resilience and again a high-quality support function not only satisfies regulatory expectations, but can be a selling point to undecided clients. Many of these aspects of working for a high-quality firm are taken for granted, but each link in the chain is a potential marketing tool.

In today's competitive landscape, where clients have no shortage of options when it comes to financial advice, wealth management firms that prioritise high-quality support services are better positioned to differentiate themselves and attract and retain clients, and high revenue generating advisers. By investing in top-tier paraplanner and administrative talent, firms can elevate the client experience, drive business growth, and establish themselves as trusted partners in their clients' financial success.