The meaning of client-centricity is changing – a trend which has been accelerated by the COVID-19 pandemic. Clients increasingly want their advisors to connect their financial plans to their personal values. To do this at scale, the most successful advisors across all age groups are embracing the productivity-enhancing technology and wealth management tools made available by their firms.
The fourth paper in the new Advisory Solutions: Expectations and Experiences series from MMI and Aon explores the success profile of top-performing advisors. The research reveals that digital-curiosity and take-up, along with investment EQ, are hallmarks of the most successful advisors across all age groups. Among the key findings:
- Exploring personal values enhances the financial planning experience – Contrary to the perception of many advisors, a majority of investors want to discuss their personal values and are eager to incorporate some of them into their investments.
- Perception of investment performance is not a barrier to values-based investing – In fact, most clients believe the performance of investments aligned with their values would be the same or better than that of traditional investment strategies.
- There is a shift in preference to more holistic wealth guidance – Client needs are evolving from the management of investments to broader wealth management and planning. Fulfilling these evolving needs requires that advisors employ more investment EQ – particularly when working with younger investors.
- Clients want and value digital solutions, but awareness is low – Clients desire a range of digital solutions that their firms already provide in many cases. Increasing client awareness of these tools through advisor advocacy can yield stronger digital satisfaction, which is closely related to overall satisfaction, retention, and share of wallet.
For additional findings and suggested action steps, read the entire research series:
First Paper: The Significance of Personal Values in Wealth Management
Second Paper: Harnessing Generational Differences Across the Financial Planning Process
Third Paper: From Innovation to Adoption: Embedding Technology at the Heart of Wealth Management
Fourth Paper: Profile of Today’s Successful Financial Advisors
We hope you find this new research valuable. If you have any questions, please contact MMI at (646) 868-8500 or firstname.lastname@example.org.