Financial Customer Experience Report

The Financial Advisor Client Experience Report

Financial services have evolved in a response to new technologies, changing political sentiment, and a millennial workforce that continues to grow in purchase power.

But while financial services are evolving, some things don’t change. Trust and Investment performance are paramount to the customer experience, and high fees are the #1 reason clients leave.

Qualtrics asked 300 wealth management clients about what they expect from their advisor experiences and what will drive their investing preferences in the near future.

Section 1

Client Acquisition

Trust and track record top all for client acquisition


TRUST and A GOOD TRACK RECORD are the main reasons clients choose an advisor.

Millennial clients look for investment track record and social responsibility.

Question

Why did you originally select your financial advisor?

50%

0%

Trusted

GOOD INVESTMENT TRACK RECORD

PERSONALIZED SERVICE

Customer Service

Low or no fees

SOCIAL RESPONSIBILITY

INTRODUCTORY OFFER

Online Services

Track record and trust are also top disappointments


Clients who feel let down by their advisors cite investment track record and TRUST as their top disappointments.

Millennial clients are most disappointed by investment track record and social responsibility.

Wealthy clients (portfolio over $300k) are most disappointed by investment track record and PERSONAL SERVICE.

Question

In which ways has your financial advisor failed to meet your expectations?

30%

0%

GOOD INVESTMENT TRACK RECORD

Trusted

PERSONALIZED SERVICE

Low or no fees

Customer Service

SOCIAL RESPONSIBILITY

INTRODUCTORY OFFER

Online Services

Most clients seek out an advisor who moderates risk


Clients are generally satisfied with investment options offered by advisors


Question

Does your financial advisor offer access to all the types of investments you want?

Section 2

The Client Experience

Most clients are not actively looking to switch to a new advisor


Question

Which of the following best describes your feelings toward your financial advisor?

30% of customers

50%

0%

VERY HAPPY - I WOULDN’T LEAVE

HAPPY - I'm not looking to leave

INDIFFERENT - I COULD BE EQUALLY HAPPY ELSEWHERE

UNHAPPY - I’M CONSIDERING LEAVING

VERY UNHAPPY - I’M ACTIVELY LOOKING TO LEAVE

Qualtrics Experience Management is the world’s most agile platform for customer experience improvement, making it easy for companies to monitor, respond, and improve every key moment along the customer journey and incorporate customer feedback into every decision.

Consultations occur almost every other month


Question

On average, how many times per year do you consult with your financial advisor in person including phone?

5x

The top reasons for in-person consultations are to

30% 30% 29%

Most clients believe advisor advice is unbiased


Most clients believe their advisor proactively looks for ways to make their portfolio grow


Question

Which best describes your financial advisor?

Some clients say advisors aren’t teachers


Question

Does your financial advisor take the time to teach you how to invest with confidence?

Section 3

Client Advocacy and Retention

High fees are the #1 cause of client attrition


Clients who have switched advisors say their motivation and high fees, poor service, and lack of personalized attention.

Lack of personalized attention is the main reason millennials have switched their financial advisor.

Question

Why have you switched your financial advisor in the past 10 years?

20%

0%

High Fees

poor customer service

lack of personalized attention

expired introductory offer

poor investment track record

poor online services

poor social responsibility

bad reviews

poor fraud protection

Qualtrics Experience Management is the world’s most agile platform for customer experience improvement, making it easy for companies to monitor, respond, and improve every key moment along the customer journey and incorporate customer feedback into every decision.

Wealth management client stats


Clients keep their advisor an average of 10.7 years.

The majority of clients would recommend their advisor


Question

How likely are you to recommend your financial advisor to friends or family?

What is NPS?

Net Promoter Score® (NPS) concept was developed by Bain & Company's founder of Loyalty Practice to measure customer loyalty. Its adoption and popularity has grown over the past decade, and it’s now used in virtually every industry by organisations of all sizes around the world. In its most simple form, Net Promoter Score can be described with one simple question: "How likely is it that you would recommend [Organization X/Product Y/Service Z] to a friend or colleague?"