A June 2022 study from Oechsli polled 1002 affluent investors in an effort to understand post-pandemic trends. Five themes stood out among the data:
In-person events are back: Only 12 percent of respondents were still opposed to attending an in-person event and many were open to bringing a friend; this likelihood increased with the amount of client-advisor contact clients perceived during the pandemic, implying that advisors with limited engagement over the past few years may want to rebuild momentum before launching an in-person event.
Online advisor research isn’t just for young potential clients: 66 percent of those older than 64 said they would research a potential advisor online
Affluent clients are willing to make introductions: Nearly 8 out of 10 high-referral, affluent clients would be willing to introduce their advisor by email if asked, and one-third of those who gave NO referrals last year were willing to make a personal introduction if asked.
Clients value friendship: Other studies have repeatedly shown that “cares about me and my family” is one of the top assessment points on which clients evaluate financial advisors. Oeschli’s most recent study confirmed that creating an emotional connection with affluent clients impacts not only their rating of their advisor (88 percent rate their advisor 8 or higher out of 10 if they also consider them a friend) but are also more willing to refer and connect their advisor with others.
Affluent clients are eager to learn: In uncertain times, it’s not surprising that clients are willing to look to a trusted advisor for information and guidance. Regardless of how your expertise is offered, only 8 percent indicated they would not attend an educational event hosted by their advisor.
Which finding presents the greatest opportunity for your practice? Would hosting a client event or educational opportunity allow you to reconnect and network with clients? Is it time to reengage in opportunities that deepen friendships, beyond planning, and help strengthen your client relationships? Do you need to upgrade your website or social media presence? Or perhaps it’s time to revisit how you ask for introductions. There is still time for advisors to undertake strategic initiatives in 2022. And with a focused approach, they can also be sure to end the year with momentum.
Christy Charise, Founder & CEO of Strategic Advisor
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