According to the 2020 J.D. Power Financial Advisor Satisfaction Study, the single most critical KPI driving advisor satisfaction and loyalty was “technology offered by my firm has improved.” Advisor reliance on technology to manage all aspects of their practice has been growing for many years, but it accelerated considerably during the COVID-19 pandemic. While firms are investing heavily, many missed the mark on delivering technologies that truly meet advisor needs. In fact, just 48% of advisors said the core technology their firm currently provides is ‘very valuable.’ That needs to change if firms want to win the talent war.
Over the last year as advisors have adapted to even greater digital reliance for client interactions, which firms have done the best job of prioritizing and implementing the right technologies to empower their FAs to continue attract, support and retain clients? Stay tuned for the 2021 Financial Advisor Satisfaction Study scheduled for publication on June 24th to find out more.
The J.D. Power U.S. Financial Advisor Satisfaction Study helps wealth management firms understand how effectively profiled firms are servicing their affiliated financial advisors - both employee advisors and independent advisors. Delivering a financial advisor experience that maximizes both loyalty and productivity is critical for success, given the risk of dissatisfied advisors taking clients to a competitor.
ThinkAdvisor: 6 Ways Advisors Can Reach the Summit of Client Experience (by Tom Rieman) The wealth management industry has made real and significant progress in transitioning from a transactional commission-based culture to one that values and supports more comprehensive client-centric fee-based client relationships. That is long trek from where the industry started, but we’re not at the summit.
Financial Post (Canada): Canadian Online Brokerage Firms Struggle to Support Increased Volume, J.D. Power Finds With the pandemic proving to be a boon for Canadian online investment firms with more do-it-yourself (DIY) investors flocking to this segment than ever before, a greater strain is being placed on their online brokerage systems. According to the J.D. Power 2021 Canada Self-Directed Investor Satisfaction Study released today, the result is that online brokerages are struggling to deliver a seamless trading experience.