Your Client’s Preferences Are Changing…In Your Favor

Edward Jones ranked highest in investor satisfaction according to JD Power and Associate’s 2009 US Full Service Investor Satisfaction Study.  However, unless you work at Edward Jones, the victory does not really matter.  What does matter to you is the shift in consumer preferences. 

No longer is investment performance the most important factor in determining overall satisfaction with an advisor.  In fact, investment performance accounts for only 15% of overall satisfaction, compared with 24% in 2008.  Alternatively, the financial advisor himself is now the most important factor, comprising 30% of investor satisfaction; increasing from 22% in 2008.

What does that mean, the “financial advisor himself”?  It means that investors value reassurance, guidance, management of their expectations, clear explanations, transparency and improved communication.

According to David Lo, director of investment services at J.D. Power and Associates, “During 2009, 20% of investors say they haven’t been contacted enough…up from 15% in 2008.”

Fortunately, there are so many great technologies and products out there to help you stay in touch.  A few of my favorites are ProducersWeb, StoneRiver Emerald and a start-up called Boulevard R.  Of course, there is also our YoungInvesteneur Newsletter which you can now market test for free!

I know these products cost money and I know times are tight, but your client’s preferences have shifted and you can really differentiate your brand by ensuring they are satisfied.  Think about it.  Wouldn’t you rather your clients demand weekly or monthly phone calls or newsletters as opposed to guaranteed returns?

Tags: Edward Jones, Investor Satisfaction, JD Power & Associates