Since the pandemic, our industry has been largely affected by the change in working behaviours and environments for customers and advisers. Advice firms that once completely operated from large scale offices now trade from hybrid, home-based roles.  

Customers that once may have visited their advisers’ office would now rather progress things via email and telephone call.

When was the last time you dealt with a client face-to-face? 

Prior to these changes, advisers operated different models, and many were successful regardless of how they interacted with their clients. Some of these methods included in-person, office-based, branch networking, in-field models and telephone-based. 

Which model is best suited to the current economic climate?  

In the years prior to 2020, interest rates were lower and therefore products were more readily available to larger cohorts of customers. The landscape was easier to understand for the public outside of the industry, and the mortgage journey was a more streamlined process in many peoples view.  

Now, we are seeing advisers engaging with their clients more regularly throughout the sales process due to a more drawn-out journey both systematically and logistically. 

In the insurance industry, leading insurers are exiting the protection and home insurance markets altogether to combat rising premiums and increasing overheads. 

This has resulted in added pressure for the remaining insurers that are present, making policy recommendations tougher. These heightened prices have caused concern for consumers, making them less willing to part with their hard-earned income. 

For advice on how to help your clients deal with rising premiums, you can read our article from our Sales Director – Carl Oakes. Read here. 

So, does the hybrid business model make a difference for advisers?  

In a society that has shifted to digital remote working, a lot of customers prefer to deal with their IFA or mortgage adviser remotely.  

However, with hybrid working providing an easier balance between work and normal life, customers are beginning to favour in person meetings with their adviser once again. 

Reading client reactions is tough to do digitally or over the phone, so in-person communication can help towards any recommendation being proposed. 

It is evident that modern society demands convenience and efficiency, which are heavily noticeable in remote processes. A significant portion of customers in younger generations prefer to complete fact finds in their own time, at their own convenience, rather than in person. 

It’s clear bespoke advice is needed now more than ever due to the difficulties consumers face relating to their need for financial planning and mortgage-related products. 

Accompanied with the need for flexible communication, the hybrid approaches many firms have adopted is the current market choice for giving advice. 

With differing benefits to both remote and in-person dealings, advisers may need to employ a blended approach to client communication, in order to keep pace with the requirements for the modern customer.  

To experience flexible services that fit the needs of the modern-day adviser, visit our quotation platform The Source, here.