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Advisor Satisfaction Fails to Increase in Last Six Months |
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 Fewer than 40% of investors felt their advisor performed well or did a good job helping them through the economic crisis of 2008. In research conducted in May and June of 2009, Spectrem found that the HNW investor has the same unhappy level of satisfaction with their advisors six months later.
Fifty-five percent of affluent households indicated they are at the same level of satisfaction as in late 2008. This is in contrast to the 65% who were satisfied with their advisor’s overall performance at this same time last year. While only 13% of investors are actively acknowledging that they plan on replacing their financial advisor, only 14% plan on using financial advisors more in the future and 16% acknowledge they are less likely to use their advisor than in the past. Financial advisors should be concerned with these results. While most investors did not blame their advisors entirely for the enormous losses they suffered in the fourth quarter of ’08, they are now ready to reassess their future strategies. Two things must be happening. Perhaps advisors are not reaching out to their clients with proactive strategies to reassess their futures or secondly, maybe investors have lost their trust in the abilities of their advisor. The time to act is now. Advisors must work on rebuilding credibility or they will begin to notice increased attrition from customers they believed were satisfied
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High Net Worth Advisor Insights Newsletter April 2008
