When choosing a financial advisor, the most important quality is a wealth manager’s ability to help clients reach their financial goals, according to a survey by the deVere Group.

The majority of respondents, 38 per cent, said they looked for an individual’s strong track record, while 32 per cent chose an in-depth knowledge on a broad array of financial matters; 19 per cent answered a hands-on approach to their financial planning strategy; and 11 per cent said it was “other factors,” including cost transparency and personal rapport, the survey found. 

“The poll concludes that the number one thing people look for is someone who has, over time, consistently proven themselves to be able to devise a workable, holistic financial plan that allows their clients to achieve their long-term objectives,” said Nigel Green, founder and chief executive of the deVere Group.

Personal recommendations from trusted colleagues, friends and relatives also influenced clients’ choices, he said.

A total of 483 existing and potential deVere Group clients were quizzed between mid March and mid-April.

Asked why such data is valuable, Green told this publication: “This survey gets to the heart of what clients are really looking for in a wealth manager. The more we listen to and understand clients, the more standards will be driven upwards, and the more trust and confidence the public will have in the industry, in which wealth managers naturally have a stake.”

"Today’s financial advisor is, quite rightly, expected to have a wider, contextual insight of investments, markets, and other external economic factors, and then be able to apply that knowledge to successfully implement a well-crafted financial strategy for their clients,” said Green.

“Clients require more regular reviews of their financial planning to ensure they are still on-track to hit their goals and to see if there are more efficient ways to get where they want to go, as personal circumstances and the marketplace continually evolve,” said Green.

“With this 'hands-on' approach in mind, many of our clients told us that they would be less than impressed if their financial advisor did not return their calls within a few hours,” he added.

As already noted, only 11 per cent said “other factors” including cost transparency and personal rapport swayed their decision. “Perhaps many industry observers would be surprised that the issue of whether advisors are remunerated with fees or commissions is, seemingly, not a key factor for clients when selecting to work with an advisor.  As long as there’s transparency and high-quality, results-driven advice is offered, it would appear that the ‘fees vs commission’ debate is not a top priority,” Green told this publication.

The deVere Group has more than 70,000 clients worldwide and has $9 billion of funds under administration and management.