A lack of soft skills could cost advisors revenues today — in the future, it could cost them their practice. Advisors are often encouraged to view life transitions like a death in a client’s family as business opportunities — but they must  also consider the emotional consequences of grieving if they are to offer clients holistic planning services. “People want an advisor that’s good at these skills,” says Amy Florian, founder and CEO of Corgenius. “Clients figure advisors are going to be good at the finances, but what are really looking for is someone who also understands them and can walk them through life’s transitionlike a person,not a number in a portfolio” While today’s financial industry excels at managing the financial implications of events like marriage, divorce, education, business mergers and sales, and death, it still often falls behind in the “soft skills” that help someone emotionally navigate transitions. Florian says that industry participants only take the first step in serving their clients in transition by making sure the financial framework — items like insurance, an estate plan, trusts, educational savings, long term health care plans — is in place.

Source: Advisors’ Soft Skills Shouldn’t Be So Hard