A research conducted by Spectrem Group revealed that the age and advisor dependency are both factors when looking at client satisfaction.
Generally, older investors have a habit of being more satisfied with their advisors, which may be because they have had a longer relationship with the advisor. Satisfaction with investors over the age of 65 is at 77%, and 42% of those say they are "very satisfied".
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Among investors younger than 44, satisfaction is just at 62% and only 24% consider themselves "very satisfied".
Satisfaction also improves as the schedule of review for financial plans increases. Among investors who do a semi-annual review of their financial plan, satisfaction is at 89%. It’s at 81% for those who get an annual review of their financial plan, and only at 48% for those who don’t get an annual financial plan review or those who never get a review of their plans.
In the Spectrem Group report Drivers of Client Satisfaction and Loyalty, investors describe the ways advisors can keep them satisfied while advisors can also learn what kinds of clients are more likely to be satisfied.
In general, the wealthier the client, the higher percentage that they will be satisfied. Among Ultra High Net Worth investors with a net worth between US$5 million and US$25 million, eight-in-ten report being satisfied, while only 73% of Millionaire investors (with a net worth between US$1 million and US$5 million) say they are satisfied.
There is a large difference in satisfaction percentages between investors who have received a financial plan from their advisor and those who have not. Among those who have sat down and formed a financial plan with an advisor, 84% say they are satisfied with their advisor. Among those who have not already formed a financial plan with their advisor, satisfaction ranges between 53 and 63%.
