Most advice practices believe they are client-centric, however, the current financial climate has proven otherwise, according to a business coaching firm.
"The current environment has shown being more client-centric is an area in which the industry still has a long way to go," Advice Centre Consulting managing director David Fox said.
"I think for a lot of advice businesses, it has been demonstrated they are not really focused on how the client is responding to this environment, where clients are experiencing a lot of discomfort, reservations of the future [and] a lack of understanding of what is happening."
Advisory firms need to think more about how the client is thinking and feeling and less about what the business does, he said.
Clients were now seeking more reassurance from their advisers that they are still going to be able to achieve what is important to them, he said.
"That is really what most of our research shows; clients really value understanding their progress to achieving what is important to them, in good times and bad," he said.
"Advisers are very good at telling clients how they are progressing in good times, but sometimes not all that good in telling them how they are progressing in bad times, and hiding behind a little bit of spin.
"I accept that is harsh, but a lot of businesses... need to look at that next step in client-centricity, to be able to be effective."
