U.S. Retail Investor Advice Relationships 2024
Optimizing Advice Breadth
Develop a Collaborative Engagement Process With Investors
- Address the ongoing growth of self-managed accounts among investors across all advice orientations
- Discover the variety of advice orientation choices that investors are making in pursuit of their long-term financial goals
- Investigate the provider-client relationship, starting with client acquisition, progressing through advice delivery, investment management, and pricing and client retention strategies, and more
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Summary
Explore affluent investors’ relationships with their financial advice providers. Understand investors’ criteria for selecting advisors and their preferences regarding ongoing communication, including the use of digital tools to augment traditional advisors. Fine-tune your value proposition to best address specific market segments.
A Note from the Author
82% of Affluent Investors Prefer a Single Financial Advisor but Resist Complacency
Scott Smith
Director
Bio →
Scott Smith
Director
With more than 20 years of financial services industry experience, Scott leads Cerulli’s research efforts focused on investor behavior and advisory relationships. In his time at Cerulli, he has authored more than two dozen in-depth reports on topics ranging from wholesale distribution to digital advice platforms. His research helps Cerulli’s clients understand how to optimize their platforms given the evolving demand for financial advice.
Scott started his career wearing a headset at Putnam Investments’ service center in 1996, before moving to more strategic roles at MFS Investment Management starting in 2000, and then to Cerulli in 2007. In addition, he currently serves as member of the CFP Board’s Digital Advice Working Group, and as a judge for the wealthmanagement.com Industry Awards.
Full biography here.
While affluent investors considered “Advice Seekers” may be partial to their incumbent financial provider, our new research finds they’re actively monitoring the landscape for better solutions.
After beginning a relationship, 93% of Advice Seekers look to their current provider when considering adding a new product or service. Yet, a sizeable amount (41%) of this cohort plans to switch some or all their assets to another provider in the next 12 months.Providers engaging with this cohort of investors will need to consistently remind them of the breadth and quality of their advisory services to remain top of mind. While an advice provider may initially serve the needs of an affluent investor, Advice Seekers’ preferences may change. Until they firmly establish a trusted advisor relationship, it’s likely they’ll look elsewhere.
For more on this topic, access The Cerulli Report—U.S. Retail Investor Advice Relationships 2024. Understand the evolving relationship between retail investors and financial providers, including shifting client demand and the services required to retain assets.
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