1CLIENT ENGAGEMENT SKILLS Post on Challenges faced Financial Planning pertaining to Ageing Customers One of the most essential elements involving the process of efficient and effective financial planning is for the employees of the company to understand the needs and requirements of the customers and deliver their services accordingly (Stone 2012). In this regard, one of the major issues involving the handling of clients by the employees of the company pertains to the issue of handling the needs and requirements of the ageing clients. There are various aspects that need to be taken into consideration during the handling of ageing clients when it comes to the process of efficient financial planning. These issues may involve the likes of forgetfulness of the clients, lack of ability to provide all the required documents or even the inability to assess their own requirements in an efficient manner (Teale 2015). In such cases, it is the responsibility of the financial planner to deduce the financial capabilities of the clients as well as their needs and requirements. In this case, a lack of training and knowledge on the part of the employees may lead them to provide inefficient services and disrupt the process of obtaining optimum customer satisfaction. Response to Post 1 The first post concerns the activities of new insurance advice clients while dealing with the possibilities of disability or death of the clients. One of the major problems faced in this category of financial planning pertains to the tendency of the customers to be more concerned about the loss of financial capital in the future even over the loss of human capital. In this case, the employees are primarily required to assess the financial security of the clients as well as their needs and requirements from an objective perspective rather than dealing with it emotionally. For this purpose, the training of the new employees can prove to be an efficient device that may help them to make the best proposals to the clients in which they
2CLIENT ENGAGEMENT SKILLS can invest safely. This process in turn will ensure the safeguard of the interest of the clients as well as the organization. Response to Post 2 Another problem faced in financial planning as mentioned in the second post pertains to the requirement of the clients towards high returns and minimum risks. Such decision making processes are often guided by irrationality or even bias. However, in order to deal with such a challenge, the employees are required to provide the customers with adequate information on their investments. This will in turn prevent the clients from suffering unnecessary losses and help in building their trust and confidence on the company. Since the process of financial planning is highly service oriented, the ensuring of high customer satisfaction can enable the company to attract new customers and thereby obtain productive and profitable business operations.
3CLIENT ENGAGEMENT SKILLS References Teale, J., 2015. Challenges facing financial planners advising ageing clients with diminished financial capacity.Financial Planning Research Journal,1(1), pp.7-21. Stone, M., 2012. The death of personal service: Will financial services customers who serve themselves do better than if they are served?.Journal of Database Marketing & Customer Strategy Management,19(2), pp.107-119.