Investors want more engaging and mobile-friendly communications with actionable advice from their advisors, according to a survey released Friday by Broadridge Financial Solutions, which provides advisor marketing among other services.
Investors across generations have grown accustomed to highly individualized user experiences and client-centric customization in other aspects of their lives, Broadridge said, and it behooves financial advisors to adapt as they compete for clients’ attention and assets.
The findings were based on a survey fielded in March by the market research firm Engine of 502 individuals who currently use a financial advisor.
Advisors today have the ability — and an invitation from their clients — to be informed and a part of their lives as never before, according to the survey.
Nine in 10 millennial and three in five Gen X respondents said they were open to their financial advisor following them on one or more social media platforms, with Facebook being the preferred social media network for advisor-client engagement of 61% of millennials, 38% of Gen Xers and 19% of baby boomers.
The survey also showed that advisors have an opportunity to reconsider the content they distribute to clients in order to strengthen relationships.
Fifty-three percent of respondents called their investor communications “personally relevant.” Yet fewer than 4 in 10 respondents said they were “engaging,” and fewer than 3 in 10 called them “actionable.”