Investing should be the dispassionate exercise of strategically risking money for gain, but in practice it’s usually anything but dispassionate. Investing is often an emotional whipsaw with exhilarating wins and terrifying losses – financial advisors operate in the space between their clients’ fear and greed, making financial advisor loyalty a key challenge.

Taming the emotions of jittery investors is just one aspect of how financial advisors keep clients long-term. But there are many moving parts to client loyalty.

The Qualtrics Financial Advisor Client Experience Report

To help with financial advisor loyalty, Qualtrics recently published The Financial Advisor Client Experience Report, a study of over 300 wealth management clients who were asked what they expect from their investing experience and what will drive their investing preferences in the near future.

Report Highlights

  • Trust and a good track record are the main reason clients overall choose an advisor but Millennial clients look for investment track record and social responsibility.
  • Clients who feel let down by their advisors cite investment track record and trust as their top disappointments. Ironically, Millennial clients are also most disappointed by track record and social responsibility.
  • 85% of clients say they are happy or very happy with their current financial advisor
  • 92% of clients say they believe the wealth-management advice they receive is unbiased
  • Wealthy clients are most disappointed by track record and personal service.
  • Clients who have switched advisors say their motivation was high fees, poor service and lack of personalized attention.
  • Lack of personalized attention is the main reason millennials have switched their financial advisor

Understanding the key loyalty and attrition drivers like those outlined in this report will help financial advisors maximize their value, and retain clients even during periods of emotional investing chaos.

View the full report here