Independent financial advisors don’t always sing the same tune as their clients, according to a new study from Independent Advisor Solutions conducted by SEI.
The survey of 400 advisors, including both advisors who work directly with clients and those who do not, finds only 14% believe improving the investor experience is a top goal for 2020. Moreover, only 1% cite changing their fee framework as a priority in the year ahead.
At the same time, 32% of advisors expect to customize client experiences, based on client needs, over the next five to 10 years, and 26% anticipate segmenting clients by the size of their assets and needs over the same time frame.
“While advisors have acknowledged the need to adapt the client experience in order to survive in the future and meet evolving investor demands, our research shows the strategy to do so remains an elusive target today for most advisors,” said John Anderson, head of Practice Management Solutions at Independent Advisor Solutions, in a statement.
“Despite this, advisors seem optimistic, yet somewhat cautious about the future and the prospects it may bring,” Anderson explained.