Customer Dissatisfaction - Financial/Wealth Advisor

Goals

To find out insights on what percent of people in the US are unhappy with their current financial advisor or are looking for a new financial advisor to pitch financial clients like Wells Fargo that Captivate is a good medium to reach people who are looking to change their financial advisors. This can be both general financial advisor (lower-income clients) or wealth advisors (clients who have $250k in investable assets or a proxy of that).

Early Findings

  • The study further indicated that wealth management clients retain their financial advisors for an average duration of 10.7 years.
  • The report further claims that the wealthier clients are the most likely to switch their financial advisors with 39% of "ultra-high net-worth (UHNW)" individuals saying they plan to switch wealth management providers in the next three years as compared to 25% of high-net-worth (HNW) and less than 33% of mass affluent clients. Baby boomers are 29% less likely to switch advisors as compared to millennials.
  • While information on the percentage of people in the US that are unhappy with their current financial advisor or are looking for a new financial advisor is limited, there are several insights and statistics on the reasons that lead to clients firing or switching their financial advisors.

REASONS FOR SWITCHING FINANCIAL/WEALTH ADVISORS

  • Some of the major and most common reasons for clients to switch financial/wealth advisors include:
  • Lack of attention (advisors not attending calls, lack of personalized attention, etc.)
  • Women clients being treated differently than men (40% of female clients feel that financial advisors treat them differently).

PROPRIETARY DATABASE SEARCH RESULTS

In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address the stated goals.

Proposed next steps:

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