“Advisers need to think beyond product solutions and position themselves as coaches who can provide their customers with essential financial knowledge and tools. They should remind customers to allocate their disposable income wisely, whether it’s to reduce household debt or to earn compound interest through disciplined savings," says Lizl Budhram, head of advice at Old Mutual Personal Finance.
“Market volatility can lead people to make emotional decisions that can have detrimental impacts on their financial plans. But proper financial advice which transcends financial solutions ensures your customers maintain a balanced perspective and minimises the risk of rash decisions that could derail their holistic financial plan,” adds Budhram.