Advisor-Client Communication Survey Findings

This report presents the findings of a communication survey conducted among clients of financial advisors in early 2024. The survey aimed to understand client preferences regarding communication frequency and methods, as well as the impact of these preferences on client satisfaction and retention. The results indicate a significant shift in client behavior, with 75% of respondents either switching advisors or considering doing so in 2023, a notable increase from previous years. The survey highlights that high-value clients desire more frequent communication, with 85% believing that enhanced communication could improve their confidence in their advisor. Additionally, the report outlines that clients managing substantial assets prefer monthly contact and that a majority of clients are taking the initiative to reach out to their advisors. The findings suggest that advisors may be leaving potential assets under management on the table by not meeting client communication expectations. Overall, the report underscores the evolving dynamics of client-advisor relationships in the current financial landscape.