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In order to create a more advice-based relationship with consumers, brokers should be working more closely with financial planners, US financial planning guru Bill Bachrach has said.
Speaking with The Adviser’s sister publication ifa last week, the founder of the ‘values-based financial planning’ philosophy and a consultant to advisers worldwide said that with the advent of technology, brokers need to create a more advice-centric relationship with clients.
“Financial services providers need to think more holistically about their clients’ needs – so how do the financial planner and the mortgage broker collaborate when the other expert is needed?” he said.
“The fastest growing segment of the financial services industry around the world, including the US and Australia, is the more advice-based relationships – the industry has been trending away from the old stockbroking mentality to a more client-centric approach, helped by technology and legislation and political posturing.”
