Spectrem Group’s study How Financial Advisors Can Increase Client Satisfaction and Loyalty shows various plans advisors can offer clients that seem to increase client satisfaction.
Overall satisfaction among investors is at 73 percent, but the wealthier investors, with a net worth between $5 million and $25 million, report an 80 percent satisfaction rate.
Investment Planning or Asset Allocation Policy – Fifty-three percent of all investors say they have gone through this exercise with their advisor with an eye toward increasing the size of their portfolio. Among them, 84 percent report being satisfied with their advisor. Thirteen percent are looking forward to having that conversation with their advisor, but without it, only 46 percent report advisor satisfaction.
Selecting Stocks, Bonds and Mutual Funds – Over half of all investors (52 percent) have played the market with their advisor, and among them, 84 percent report satisfaction. Ten percent plan to seek out such advice in the future, and only 44 percent of them are currently satisfied.
Tax-Advantaged Financial Strategies – Taxes can chew up investment profits, but they don’t have to. Less than half of all investors (46 percent) say they have had this conversation with their advisor, but among those that have, 87 percent report satisfaction in their advisor. Eighteen percent of investors express the desire to get that advice from their advisor, but without it, only 49 percent report satisfaction.
Planning for Retirement – Only 49 percent of investors have received this advice from their advisor, but among those that have, 84 percent report satisfaction in their advisor. Twenty-seven percent of investors say they don’t need the advice, and among those, advisor satisfaction is just at 61 percent. Twelve percent say they will seek the advice in the future, but their satisfaction rate without that advice is just at 47 percent.
Setting up a Financial Plan – Only 46 percent of investors have set up a financial plan with the aid of their advisor, but among those that have, 84 percent report satisfaction in their advisor. Fourteen percent of investors say they will see that advice from their advisor in the future, but in the present, their satisfaction rate is just at 53 percent.
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