People (Credit: Shutterstock)Say

If the economy tanks, many of your clients will want to hear your ideas about what to do.

Analysts at the Million Dollar Round Table (MDRT) have put data on clients’ recession advice preferences in a summary of results from a new survey report.

About 53% of the survey participants who had financial advisors said that, if a recession hits, they would “want their advisors to reach out with tailored advice by phone or email,” according to the MDRT analysts.

(Related: Investors Don’t Want to Replace You With a Robot: MDRT Survey)

About 51% of the participants said they would want their advisors to respond to a recession by meeting with them in person, and about 21% said they would want their advisors to respond to a recession by sending news articles and resources.

The MDRT analysts drew the figures from responses to an online survey that was conducted Oct. 21. The survey sample included a total of 1,048 U.S. consumers ages 18 and older.

Analysts at the Park Ridge, Illinois-based group also found that:

  • 82% of the survey participants reported being at least somewhat nervous about the possibility of being impacted by a recession in the next year.
  • 84% of participants with advisors said they feel somewhat or much more confident about their finances after meeting with their advisors.

— Read Consumers Expect You to Know About Taxes: MDRT, on ThinkAdvisor.

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