September 18, 2015 Fact of the Day: Why Investors Switch Advisors

 

DID YOU KNOW THAT – Almost 40 percent of investors find their advisor thanks to a referral from a friend or family member?

 

 

 

How do investors find a new advisor? In research recently conducted by Spectrem Group with investors who have switched advisors, it was found that 39 percent of investors found their new advisor based on a referral from a friend or family member.

Does age make a difference regarding how one finds a new advisor?  Sixty-one percent of those between the ages of 35-49 relied upon a referral compared to only 44 percent of those under the age of 35 and 26 percent of those over age 69.

Other ways to find an advisor?  14 percent indicate the advisor contacted them directly.  Eight percent chose the advisor because of their expertise in a specific topic.  Seven percent found their advisor by attending a seminar or special event.  Three percent went to a website specializing in advisors and 2 percent saw an ad.

How do your advisors attract new clients?  Referrals ? Advertising?

 

To learn more about investors switching advisors or to see a free preview of the report, click here