A regular feature in the financial media is clients complaining about the fees that they need to pay their financial advisors. Rudi Barnard, Executive Director of Efficient Wealth, speaks to Willem Basson about the importance of paying for professional, specialist advice.
What makes our Efficient Wealth Advisors different?
We believe in absolute honesty, integrity, and partnerships for life. Our advisors provide expert, transparent, continuous, and professional advice with regular feedback and information sessions. We also firmly believe that one person cannot do everything and, therefore, we have a team of specialists within Efficient Wealth to assist our advisors in providing holistic advice. This ensures that our Efficient Wealth Advisors provide financial advice that matches a client’s individual financial needs.
Do you think that it is fair for advisors to levy a fee?
The adage “you get what you pay for” comes to mind. Before any advisor can provide you with advice on any financial product, they first need to pass product-specific assessments and gain the necessary experience. If they do not have sufficient knowledge or sufficient experience, they will not be accredited to provide advice on the specific product or solution. Furthermore, our advisors are professionals and as such, they constantly participate in continuous professional development! So, when our advisors provide you with advice, you can rest assured that their advice will provide you with the best solution for you!
That being said, Efficient Wealth Advisors are not product-driven. We believe in solutions that add value to our clients’ lives. Our personalised approach ensures that our advisors do not recommend a “cookie-cutter” solution. Also, after recommending a solution, our advisors constantly evaluate a client’s portfolio to ensure that their advice stays relevant as and when the client’s needs and circumstances change. Being able to provide continuous, professional service, therefore, comes at a price. So yes, it is absolutely fair for advisors to charge a professional fee.
Why do you think clients complain about paying fees?
In the times that we live in, everyone is trying to save and cut back on costs. Clients therefore often think about what the advisor is getting out of the deal (the fees, and hence the potential saving if they stop making use of a financial advisor) and are not adequately educated on the value that a professional, expert advisor can add to their portfolio. Clients know what they need and want. However, not all clients know exactly how to achieve their financial goals or what would be the best solution to ensure that they get bang for their buck. Our advisors ensure that they not only advise our clients, but also inform and educate them on the specific value that expert advice can add to their portfolio.
Contact Efficient Wealth today to find out more about how we are able to add value to your portfolio!