Are Zoom calls really suitable for building trust with new clients?

A 35-minute listen

Gillian Hepburn, UK intermediary solutions director at Schroders, sat down for a wide-ranging discussion encompassing modern investment propositions, regulation, and adapting the adviser/client relationship to new circumstances.

On the latter, Gillian spoke of the need for intermediaries to demonstrate the value that comes from sharing their knowledge and financial expertise.

“It’s not just about managing money, but the wider financial planning piece and almost at times being a financial coach and guide,” she said.

“It’s important for clients to have someone to talk to, particularly in the early stages of this pandemic when there was a significant amount of volatility. Advisers have a hugely important part to play in how we get through this.

“Many advisers have adapted really quickly to using technology, such as Zoom or Webex, though there are still many who say nothing beats face-to-face, particularly for new clients where they are still at that early stage of developing trust as a client relationship”.

The discussion also touched upon PROD regulations, or Product Intervention and Product Governance Sourcebook in full, which stresses the need to demonstrate segmentation and proper care of a client base.

Gillian believes the rules initially snuck under the radar for many upon introduction in 2018, but eventually brought a “reality check” to adviser practices, described as ‘distributors’ in the FCA’s literature.

“If we are a provider of investment solutions, it’s all around helping advisers understand what are some of the problems and challenges that they have within their business, and how we can help them not just with the investment solutions that we deliver,” Gillian explained.

“PROD for me was one that really stuck out as something that we could help move the conversation forward: how can advisers approach this? How can they think about segmentation a bit differently, perhaps by life stage rather than AUM? Then how could they think about the different solutions for each of those segments?”