Advisor satisfaction today is at an all-time high. Investors are not only happy with their advisors, but once they have chosen an advisor they tend to be very loyal. Currently, almost half of wealthy households have been with their advisor for over 10 years.  

While tenure with an advisor may demonstrate loyalty, the loyalty seems to lessen when an advisor switches firms. While good news for firms, this may speak volumes as to how well an advisor is really servicing their client’s needs.

Advisors have a great deal of competition today, with discount brokers and online investing becoming commonplace. This can become a dichotomy for firms who need to continue to focus on retaining good advisors (because they have historically been the cornerstone of client relationships), while in tandem working to integrate a feeling of loyalty towards the advisor and the entire suite of services the firm provides.

Armed with a large breath of knowledge, today's investors expect advisors to set themselves apart by offering expertise they cannot access themselves, either on the Internet or through other mediums. The more savvy the investor, the higher the expectation on the advisor to offer insights and think outside the box.

Firms can help to create a feeling of personalized service to all clients by beefing up services to which all households have access, regardless of the value of their investments. A more user friendly web site or specifically targeted communication or education campaign can make each investor feel like they are the only client.

Further, today more than ever before, investors are looking for their relationship with their advisor to be a collaboration. In this new landscape, advisors must remember to seriously consider the viewpoint of their client and whatever “information” he or she may bring to the table when discussing investment options.

Active listening and proactive understanding of potential client needs, that they may not even mention, are useful advisor skills.

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