With the growing popularity of investors using both technology and human advice to achieve their financial goals, advisors are under more pressure than ever before to exceed the expectations of today’s digitally savvy clients. To better understand how Americans choose and communicate with financial advisors, determine goals for the management of their investments—as well as measure consumer sentiment and trust in financial institutions, Salesforce conducted its “2017 Connected Investor Report.” Surveying 2,000 adults, the key findings from the “Connected Investor Report” include:
Choosing the Right Match: What Makes an Advisor the Right Fit?
- Americans who currently use a human financial advisor cited strong trust in their advisor’s judgment (69%), accessibility to them (68%) and the fact the advisor has a clear understanding of their and their families’ goals (59%) as top reasons reasons they feel their advisor is a good fit for them.
- However, only about half of those surveyed believe that their advisors are aware of their savings goals (54%) or the ages they want to retire (48%).
Managing Money: What Are Americans Saving For?
- When asked what they were currently saving for, retirement ranked highest for both Gen Xers (42%) and baby boomers (37%), while millennials (43%) chose general expenses.
- More than half of baby boomers (58%) feel very or somewhat knowledgeable about different investment options compared to 43% of their millennial counterparts.
Communicating with Investors: Can AI Foster Stronger Relationships?
- Americans who use human financial advisors primarily communicate with their advisors quarterly (40%), or annually or less often (27%), with only 10% of those surveyed communicating on a weekly basis.
- Despite the rise of digital technologies, such as mobile apps, social media and more, communication between investors and advisors is primarily done today via traditional channels such as talking on the phone (73%) or meeting in-person (61%).
Maintaining Trust: Do Clients have Confidence in Their Advisors’?
- More than two-thirds of Americans who currently use a financial advisor (67%) strongly or somewhat agree that they are concerned with how the market will be affected by the recent moves made by the Trump Administration.
- However, most are confident that their advisor is prepared for upcoming regulatory changes (96%) and trust that they have their best interests at heart when making decisions (95%).
If you’re interested in learning more about client relationships with their wealth management firms and advisors, download the full Salesforce “2017 Connected Investor Report.” And learn more about Salesforce solutions for financial services.