The NextGen of clients prefer the One-on-One
Alejandra Slatapolsky
Co-Founder @ Scalto | Communications & Branding | Finance, Fintech, Tech Co-Founder @ Miami Fintech Club
A very interesting study by Vanguard found that roughly 60% of financial services clients across all wealth and age segments prefer to work primarily with a single financial advisor and about 30% said they prefer a single advisor with supporting team members.
However, respondents said they were willing to consider teams as long as they were limited to three advisors or less. Respondents with higher levels of wealth were more receptive to working with advisor teams, while respondents with lower levels of wealth and younger respondents were more likely to strongly prefer single-advisor relationships.
This leads us to think: in the social media age of one-to-many, you need the tools to generate leads. But for financial advisors and in financial services in general, your personal brand, personal touch and the perception that clients have of you as a person before and after they meet you... that is still the number one reason they will work with you.
There is no replacement for human connection in something as personal as money.
CEO, WaterTower Research - HedgeAlytix
8yThat is not particularly surprising considering the hybrid matrix-type organizations and free-form office spaces that younger professionals live in these days. Teams tend to be short-term coalitions, so they'd expect the same from their FA. But I would have thought that an advisory relationship has always been focused on the individual. If I didn't need advice, I'd go to Quick & Reilly. ...am I dating myself?