Some 83 percent of respondents told the survey that confidentiality is “critical” in a relationship. And 81 percent of respondents said ethical standards are also critical as well as promptly replying to client inquiries and carrying out instructions.
Walters said the study also “illustrates that for high-net-worth clients, advanced capabilities mean knowledge and application of strategies they could not get from other advisors.”
He adds that, in trying to obtain high-net-worth business, the advisor must understand that he or she is competing in a much more competitive market. The advisor is now often going against big institutions, such as endowments and national full-service brokerages.
Is he or she, Walters asks, up to the challenge?
Institute officials said that, building on the findings of the study, they have set up an online program to improve relationships. The program is called “Exceptional Advisor: Communicate Your Value & Build Client Engagement.”