Other key findings include:
- Among the minority of full-service investors receiving comprehensive advice from their advisors, 76% say they “definitely will not” switch investment firms in the next year.
- Investor satisfaction with their advisor’s digital channels saw the largest year-over-year improvement of any single factor in the study, rising 26 points (on a 1,000-point scale). Nearly two-thirds (63%) of clients use their wealth management firm’s website at least once a month and 40% use the mobile app each month.
- Blending digital and human interactions is optimal for all age investors: Among all age groups, satisfaction is highest when investors experience a mix of live human and digital interaction. “While Boomers show a clear preference for advice and planning that is handled by a live person, Millennials prefer to use digital channels, but show greater overall engagement and satisfaction when both live and digital channels are used,” the study found.
Now in its 20th year, the annual study measures investors’ overall satisfaction with full-service investment firms using seven measures: trust; people, products and services; value for fees; ability to manage wealth; problem resolution and digital channels.