Age and advisor dependency are both factors when looking at client satisfaction. Generally, older investors have a habit of being more satisfied with their advisors, which may be because they have had a longer relationship with the advisor. Satisfaction with investors over the age of 65 is at 77 percent, and 42 percent of those say they are “very satisfied”. Among investors younger than 44, satisfaction is just at 62 percent and only 24 percent consider themselves “very satisfied”.

Satisfaction also improves as the schedule of review for financial plans increases. Among investors who do a semi-annual review of their financial plan, satisfaction is at 89 percent. It’s at 81 percent for those who get an annual review of their financial plan, and only at 48 percent for those who don’t get an annual financial plan review or those who never get a review of their plans.

In the Spectrem Group report Drivers of Client Satisfaction and Loyalty, investors describe the ways advisors can keep them satisfied while advisors can also learn what kinds of clients are more likely to be satisfied.

In general, the wealthier the client, the higher percentage that they will be satisfied. Among Ultra High Net Worth investors with a net worth between $5 million and $25 million, eight-in-ten report being satisfied, while only 73 percent of Millionaire investors (with a net worth between $1 million and $5 million) say they are satisfied.

There is a large difference in satisfaction percentages between investors who have received a financial plan from their advisor and those who have not. Among those who have sat down and formed a financial plan with an advisor, 84 percent say they are satisfied with their advisor. Among those who have not already formed a financial plan with their advisor, satisfaction ranges between 53 and 63 percent.

Satisfaction also improves as the schedule of review for financial plans increases. Among investors who do a semi-annual review of their financial plan, satisfaction is at 89 percent. It’s at 81 percent for those who get an annual review of their financial plan, and only at 48 percent for those who don’t get an annual financial plan review or those who never get a review of their plans.

 

For more information on Drivers of Client Satisfaction and Loyalty, click here