“But enough about me. Let’s talk about you… what do you think about me?”

This line from Bette Midler’s film Beaches neatly encapsulates in a few words a fundamental   strategic risk confronting advice firms today: the business of advice is not ultimately about us; our scale, capability or technical proficiency, but about the client.

Among the many important topics discussed across our industry, why do client engagement and satisfaction receive so little attention? We believe they should feature far more prominently in business and performance plans, with clearly defined objectives for client satisfaction, retention and referrals that are measured, monitored and rewarded accordingly.

The beat goes on

Consider how profoundly your clients’ lives have changed over the past five to ten years. The global pandemic accelerated remote and hybrid work, championing virtual (for almost everything it seems) and normalised the delivery of services online. Meanwhile, financial-services regulation has continued to evolve and cost-of-living pressures matched with skills shortages have intensified. Clients are navigating an increasingly uncertain and volatile environment, and they are looking to their advisers for clarity, guidance and reassurance.

Against this challenging backdrop, rapidly evolving technology, particularly AI, is reshaping advice firms and commanding significant attention. It broadens access to information and analytical capability, increases efficiency and ideally reduces costs. These benefits are compelling, but they raise a critical strategic question: are firms adopting AI in ways that strengthen client relationships, or are they allowing efficiency to displace meaningful engagement?

A couple of findings released earlier this year are particularly instructive:

  • In April, Natixis Investment Management reported that 96% of respondents trusted their human financial adviser when making investment decisions, compared with just 29% who trusted algorithms. Natixis suggested that “…consumers continue to impose a ‘trust penalty’ on algorithmic recommendations [e.g., from robo-advisor platforms], which could extend to Artificial Intelligence driven advice as well.”
  • Netwealth’s Advisable Australian 2026 Report found that:
    • 44% of Australians preferred an adviser when importing or signing important financial documents; and
    • 39% preferred an adviser when setting investment goals and developing a plan.
  • Business Health’s latest client survey data (CATScan) reinforces the value placed by clients on their adviser – “Relationship” continues to be the highest rated of the nine KPIs we seek feedback on. It’s all about TRUST.

Technological excellence is an essential capability for any modern advice firm, but these findings demonstrate that technology and human engagement are complementary rather than competing strengths. Technology can enhance access, analysis and efficiency; it cannot replace the trust, judgement and reassurance created through meaningful personal connection.

Client engagement as a strategic asset: the importance of client-facing staff

While many traditional technical functions within advice practices are being transformed, clients and their families face increasing complexity. Regulatory change, social security and Centrelink requirements, cybersecurity concerns, healthcare, longevity, estate planning and retirement-readiness challenges mean that clients need more guidance than ever.

Clients are looking for advisory firms that genuinely understand them and their concerns; to explain complex issues, provide strategic recommendations and help them make informed decisions. They expect this guidance to be delivered in a safe, approachable environment. They also want advisers to be there for them when they have a question, concern or when a reassuring voice is needed.

Technical knowledge may win a seat at the table, but strong client relationships create long-term value for both the client and the adviser.

Actively improving client retention strengthens the bottom line

New business is important, but retained business is often more valuable. Client-facing staff are ideally placed to build trust, strengthen relationships, resolve concerns before they escalate and foster loyalty that can endure for decades. Longer-term client relationships make revenue more predictable and business value increases.

A client service professional who can deepen client relationships helps to protect and grow the firm’s bottom line.

Representing your brand

Every client interaction shapes the perception of the firm. When employees engage directly with clients (and their families), referral partners and service providers, they become ambassadors for the business. Their professionalism, responsiveness and ability to build trust directly influence the firm’s reputation and competitive position.

Recent research we conducted in the United States on behalf of Manulife John Hancock, confirms that the value of high-quality client-facing staff is being increasingly recognised. Employees with substantial client-facing responsibilities are now being paid more than their peers who perform comparable technical functions but have limited client interaction.

A similar trend is emerging in Australia. Business Health’s 2025 Compensation Survey – For What It’s Worth highlighted this shift: 49% of Australian practices plan to add at least one client support staff member to their team, while remuneration for support staff increased by 20% over the preceding 12-months.

Future leaders

While the advice profession cannot move away from technical expertise, it can strengthen its offer with a client-engagement framework that defines, measures and improves the quality of the client experience.

The profession’s leading firms will combine deep technical knowledge with exceptional client-engagement capability. They will understand and navigate regulatory frameworks and administrative complexities with confidence while knowing how to communicate, deliver sound advice and build relationships grounded in trust.

Firms that invest in technically strong, client-focused teams, and recognise and reward those teams accordingly, will be best positioned to prosper in an increasingly competitive, relationship-driven future.