12 New Findings on How Clients Want to Communicate

Three-quarters of respondents in a new survey from YCharts either switched advisors or thought about doing so in 2023, a significant increase from 48% in a year-earlier survey that examined the evolving dynamics of post-pandemic client-advisor relationships.

YCharts noted that its findings may not be universally applicable because of the small sample size — some 800 clients of financial advisors — but the overarching theme is clear: “Clients are seriously considering leaving their advisors.”

In its new survey, YCharts sought to find out what clients want from their advisors and how improved communication can boost their overall satisfaction. This is important because enhanced communication that boosts clients’ confidence in their advisor could result in higher assets under management, YCharts suggests.

The survey found that overall, 74% of advised clients manage some portion of their own money, including 87% of those who have more than $500,000 in assets managed by their advisor. Of these, 39% personally manage between 10% and 25% of their total invested assets, while 45% manage between 26% and 50%.

Not only that, 85% of respondents who said they prefer to receive monthly or more frequent communications from their advisor manage a portion of their own investments. These findings suggest that advisors may be leaving money on the table, according to YCharts.

See the gallery for highlights of YCharts’ findings on how, why and how often clients want to communicate with their advisors.