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Seniors Want a Trusted Advisor

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If I hadn’t already spoiled it in the headline, what would you say the number one thing is that seniors look for in an advisor? Is trust the first thing that comes to mind? According to the 2012 Senior Survey, “trust” was once again the resounding answer to what senior clients want and need in an advisor.

In the survey, the statistics lined up pretty much as you might have guessed with what clients list as most important:

  • Trust (59.4%)
  • Experience (25.2%)
  • Variety of Products Offered (3.5%)

We also provided an option for senior clients to list something besides those categories. Among the answers were:

  • “They themselves should be financially secure.”
  • “Follow through”
  • “Near my age”
  • “Able to pick winners”
  • “Intelligence”

Another question we asked in the survey was “what is the number one thing you look to avoid in an advisor?” Nearly 66 percent listed “pushy” as the top trait to avoid. Thirteen percent listed “too expensive” as their main drawback.

In addition to those main responses, we also received the following write-in answers:

  • “Inconsiderate of time and priorities”
  • “Cannot justify recommendations satisfactorily”
  • “Lack of personal contact”
  • “Dishonesty”
  • “Looking out more for personal gain than my interests”

What type of feedback have you been getting from your senior clients? Do you have a good idea of why they chose you as their advisor? If you’d like to share your thoughts, please leave a note in the comment box or send me an email at [email protected]

For more from Daniel Williams, see: