The News: Given today’s chaotic financial environment, innovative wealth management firms are looking to develop the softer side of how they interact with clients by improving client feedback loops.

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Due to the changing profile of high-net-worth clients today, firms are struggling to pinpoint what clients value most in their relationship with a wealth management firm.

The VIP Forum’s survey of high-net-worth clients with greater than 5 million in investable assets in local currency reveals an opportunity to engage in deeper advisory relationships and generate referrals from this high-value segment.

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Listening to client voice pays loyalty dividends many firms fail to collect. Clients who agree that their firm values their feedback are more than twice as likely to recommend compared to clients who disagree. Yet only about a third of clients feel that their voice is valued.

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Due to the changing profile of high-net-worth clients following the financial crisis, firms today struggle to pinpoint what clients value most in their relationship with a wealth management firm.

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The News: A recent study conducted by JD Power and Associates reveals that whether advisors are held to the fiduciary or suitability standard is insignificant to clients, with 85% of investors not understanding the difference between the two. Clients are most concerned with advisors’ service and communication skills. Read More »

Recent research reveals many disconnects between advisors and clients. Disconnects between clients’ actual risk tolerance and advisors’ perception of it. Disconnects between clients’ preferred level of advisor contact and actual levels of contact. And most importantly, disconnects between what clients value most in an advisor and what firms think clients value most in an advisor. These disconnects are likely the result of firms’ failure to capture and apply client voice, as more than one third of VIP Forum members report that they survey clients less than once a year.

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The News: A recent Russell Investments survey reveals a disconnect between what advisors and clients consider top concerns, with advisors saying their clients most frequently initiate conversations about concerns with government policy and market volatility, while advisors themselves initiate conversations about portfolio performance and keeping up with inflation. Read More »

Clients notice when you listen to what they’re saying. Fifty-five percent of clients who are surveyed quarterly strongly agree that their firm values their feedback, while only 23% of clients who are never surveyed say the same. Yet VIP Forum research reveals that firms fail to adequately capture client voice, given the disconnects  between how advisors perceive clients’ investment attitudes, risk tolerance, and key value drivers and clients’ actual feelings.

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Without accurate and actionable client feedback, firms have little insight into which areas of their client experience that most need improvement. While 65% of VIP Forum members survey their clients at least once per year, only 38% of clients strongly agree that their wealth management firm values their feedback. Read More »

The News: A recent survey by the Institute for Private Investors finds only 63% of HNW clients describe themselves as “fully satisfied” with their advisor relationships, while 95% of advisors believe their firm’s clients are fully satisfied.

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