Financial advisors who provide a holistic approach to planning and communicate regularly with clients are the least likely to get fired by their clients, says a new study by ByAllAccounts.
According to ByAllAccounts, an account aggregation service in Woburn Mass., investors want frequent outreach from their advisors and one-on-one meetings.
Clients also want a holistic view of their assets and goals, and those who provide this are least likely to get fired by clients, the study said. The report shows 54.2 percent of people who get a holistic view of their finances and goals say there is a zero percent chance of their firing their advisor in the near future. Of those who do not get a holistic view of their accounts, only 15.4 percent say there is a zero chance of firing their advisors.
At the same time, almost all who receive a holistic view of their assets and wishes (98.3 percent) say they feel their advisor understands their financial goals and concerns and are satisfied with the level of service they are currently receiving.
"In addition, clients who receive a holistic view indicated that they were much more likely to give their advisor a referral as they feel they have earned the right. With referrals being such an important way to bring on new business, this is obviously critical for long term-growth," ByAllAccounts says
Investors also want more for their money than just money management. They want performance reporting, investment advice on retirement accounts and support for tax and legal issues.