Are the days of clients staying with one advisor throughout their life over?
According to new annual research* from Dynasty Financial Partners the days of clients sticking with one advisor for life may be fading.
Here are some intriguing findings from their survey:
52% of investors surveyed have only ever worked with one advisor
25% of investors surveyed have voluntarily changed advisors once
17% of investors surveyed have changed advisors twice
41% of respondents noted their adult children do not work with their financial advisor
34% of respondents said their adult children are unlikely to ever work with their advisor
These younger clients are much more likely to change advisors moving forward if they don't feel their needs are being met
70% of respondents said they were "very satisfied" with their current advisors (but that could simply be related to the fact that most of them have only ever worked with one advisor).
Importantly, the younger and newer clients reported lower satisfaction levels and these are the clients most likely to change.
So what? Why should you care about any of this?
Because now, more than ever, your clients are looking, or in some cases, demanding, to be well taken care of. If you won't do it, they are more likely than ever to switch to an advisor who will.
They can get all their financial reports and data online – usually with plenty of charts, graphs, and explanations to make the information easy to understand. Advances in technology have made these more 'transactional' interactions less valuable to your clients.
What Can You Do To Insure The Clients You Want To Keep Are Around For The Long Haul?
Take Your Time – according to Dynasty, "Newer clients initiate break-ups more often, which suggests the need for a longer honeymoon period between client and advisor to build trust and lasting engagement."
Really Connect – many wealth advisors have an easy time talking to their clients about money. But when it comes to helping them use their resources to achieve their goals, connecting becomes much harder. Asking the right questions and genuinely caring about the responses is the best (and only) way to make your clients feel seen, heard, and understood.
Engage! – there's a difference between managing (passive) and activating (active) your client's wealth. The more you can help your clients move beyond reviewing reports and talking about positions, the more you can help connect their past to their present so their incredible future can be created, the more you're helping your clients activate their potential.
Want Different Results? Do Something Different.
Want to make deeper, more meaningful connections, build trust, and activate your client's wealth all while moving from a trusted advisor to an indispensable partner? (The answer is YES because these actions also increase AUM, fees, and referrals!)
It's all about knowing what to ask, when to ask it, and what to do with the answers you receive.
This is where Clariata comes in. We help you know what questions to ask when. Then you enter the answers into our wisdom-based configurator to create a customized Dream Map™ that clearly connects your client's resources to their goals and desired results.
What client's' say about our Dream Map™ – "If I would have had this in my hand yesterday, I would have walked out of my meeting with a new $100M client."
What family leaders are saying about our Dream Map™ – "This is exactly what my family needs."
We know you have lots of options for helping your clients understand the status of their financial assets. Now, you can have access to an incredible tool that can help them understand how their resources are working to achieve their specific goals and dreams.
Clariata Is Proven & Preferred
Our methods are proven and preferred by HNW and UHNW individuals more than any other legacy and family dynamics planning system available today.
At Clariata, we know wealth advocacy is about more than just numbers – it's about activating potential. If you're ready to move from managing to activating, you're ready for Clariata.
What's Next?
*Dynasty Financial Partners released its annual Dynasty Connect Survey. This survey was conducted in July and the results are based on the responses from 1,000 investors who currently work with financial advisors and have a minimum of $500,000 in investable assets.
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