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Michael Sill
Michael Sill, Mentor Education

Financial advisers neglecting communication skills

4 June 2015
Russell Collins Risk Insurance Communication Skills Principal Financial adviser communication skills
Russell Collins
Risk Insurance Communication Skills Principal

According to Risk Insurance Communication Skills principal Russell Collins, financial advisers are neglecting to spend time on their communication skills.

While an increasing focus has been on enhancing technical
education for financial advisers, Collins sees less attention
dedicated towards communication. Which he sees as, “ironic”
because, in order to, “meet compliance obligations, advisers are placing greater emphasis on product knowledge at the expense of developing their communications skills.”

Collins, who recently launched his book Skills That Succeed: A
communication guide for risk-based financial advisers
 in Sydney also believes that the failure of
financial advisers to prioritise their communication skills is, “one of major reasons for the
unacceptably high level of underinsurance in Australia.”

Collins says that, financial advisers who have an inability to communicate in a way people can understand will struggle to succeed and will struggle to meet their Best Interests Duty
obligations. He says that, “It is only by building relationships with clients, that clients will see the value of life insurance advice and act on it.”

While Jim Prigg, whose company KnowledgeMaster specialises in soft skills courses for
communication, client engagement, interaction, and presentation says 
that, “failure to
incorporate communication and 
relationship skills into your suite will result in a failure to retain clients.”

Prigg says that, “you can be the best qualified person with all the technical skills and product knowledge, and be completely compliant but if you can’t articulate your proposition
(communicating how you help people) you probably won’t be a success.”

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