A well-designed portfolio can align closely with an investor’s financial goals and objectives. But building a successful advice practice requires more than technical expertise. Clients need clarity about how their portfolio fits their needs, confidence in the decisions they’re making, and trust in their adviser when uncertainty puts their long-term plan to the test.
Clearly, the adviser’s role is more than just portfolio design. Communication, trust-building, and behavioural coaching are increasingly important. As clients face more complex decisions around retirement, tax, income, intergenerational wealth and market uncertainty, the ability to listen, explain and reassure is becoming a critical part of the advice relationship. And yet, research commissioned by Invesco found that there’s a gap between the soft skills advisers need and the development training they’re getting.
The “soft skills” training gap
Our research surveyed 200 independent financial advisers about their continuous professional development training (CPD) programme1.
Advisers reinforced the importance of soft skills.
- 93% believe soft skills such as interpersonal, communication, and emotional intelligence skills are important for advisers.
- 33% believe the importance of soft skills has grown over the past two to three years.
- Only 5% do not view soft skills as important.
- Financial advisers believe active listening (50%) is the most valuable soft skill to develop professionally. This is followed by empathy (43%), communication (39%), patience (33%), and time management (31%).
The findings point to a clear disconnect. Advisers recognise that skills such as active listening, empathy and communication are central to the way they support clients. However, most of these advisers reported that their CPD doesn’t adequately prepare them for the emotional and interpersonal aspects of advising:
- 71% believe it does not adequately prepare them.
- Only 8% think their CPD prepares them for the emotional and interpersonal aspects of advising.
- On average, advisers estimate that 12.6% of their current CPD is focused on soft skills.
That leaves some of the areas advisers value the most being underrepresented in many of their development programmes.
The importance of soft skills
Advisers who can combine technical knowledge with emotional intelligence, active listening, and effective communication are better equipped to build trust, strengthen client relationships, and guide investors through increasingly complex decisions.
As personalisation and custom portfolios become more common, advisers must engage clients in deeper discussions about their goals, values, risk preferences, tax considerations, and more. In that environment, soft skills are not meant as a substitute for technical expertise. They are what helps advisers make that technical advice more easily understood, trusted and acted upon.
Ultimately, strong interpersonal skills can be a differentiator for your practice, and may lead to higher client retention, more referrals and greater client engagement.
A complete learning platform that addresses soft skills
Our CPD programme is a complete learning platform that includes three key pillars: Investment Intelligence, Practice Intelligence and Emotional Intelligence.
Together, these pillars are designed to support advisers across the full advice journey: from portfolio insight and practice development to the human conversations that shape client outcomes. Modules include:
- The art of connection: Explores the psychology behind influence, showing how understanding emotions can help advisers listen, lead and communicate more effectively.
- The art of adaptability: Draws on high-pressure lessons from Formula One to help you become a more agile, responsive and resilient financial adviser.
- The art of communication: Provides you with the tools needed to transform the way you communicate and build trust.
- The art of listening: Covers the difference between ‘hearing’ what clients are saying and truly ‘listening’ to them.
Take the next step towards investing in yourself. Earn structured CPD, accredited by CII and CISI, through a programme that covers both the technical and interpersonal aspects of your business.
