How to identify needs and objectives?

Posted by admin On December 26th 2020

Clients often have a broader range of financial needs than indicated at first approach, perhaps with only one particular need in mind initially. In order to give the most appropriate advice, advisers must be aware of the possible range of needs that clients might have – and must be able to recognize those needs, even where clients themselves are not aware of them – and make the client aware of options available that do not pose a risk.
Every client is different in terms of their requirements but, in general terms, an adviser should first seek to ensure that there is adequate protection of their lifestyle in the event of illness or death.
Retirement planning might then be the next priority, as it is effectively protecting income for a time when a person either does not want to, or is no longer able to, work. Once the client’s current and future positions are established and protected, attention can then turn to enhancing the portfolio through planning for savings and investment.