Investors who receive a holistic view of all of their assets are more likely to refer their advisor to prospects than are those who receive less comprehensive service, new research reveals.
ByAllAccounts, Woburn, Mass., and Paladin Registry of Financial Professionals, Lincoln, Calif., published this finding in a survey that explores how investors form and maintain relationships with advisors. The companies conducted the national online survey of 195-plus investors in December of 2011, the respondents including mostly adults ages 51-65 (45.7%) and over 65 (29.9%).
The survey finds that more than half of investors (54.2%) who receive a holistic view of their assets have referred their advisor. This contrasts with one-third of advisors (33.3%) who had given their advisor a referrals.
A holistic view, the survey says, includes a review of all client assets (i.e., 401(k)/403(b), 529 and pension plans, individual retirement accounts, trusts, annuities and life insurance, plus taxable savings accounts).
Investors who receive a holistic view, the survey observes, are more likely to experience a higher level of service than those without a holistic view. Among the categories of service polled: understanding financial goals and concerns (98.3% of clients who receive a holistic view responded affirmatively versus 71.8% of clients who receive a non-holistic view); developing a financial, retirement or estate plan (67.8% versus 10.3%); and providing 24/7 monitoring of assets (27.1% versus 15.4%).
