State Street and Wharton Study Reveals New Insight into Effective Communications between Advisors and Clients
June 08 2007 - 10:09AM
Business Wire
State Street Global Advisors (SSgA), the investment management arm
of State Street Corporation (NYSE: STT) and Knowledge@Wharton, the
online research and business analysis journal of the Wharton
School, today announced the latest report in their collaborative
Evolutionary Wealth ManagementSM research series titled, Bridging
the Trust Divide: Advisor Best Practices for Communicating Value
and Discussing Fees. Bridging the Trust Divide is designed to
provide financial advisors with practical ideas and intelligence
for creating more satisfying and long-lasting relationships with
their clients. It is based on a simultaneous survey of 500 high-net
worth investors and 366 financial advisors, a follow-up focus group
on investors� thoughts about advisors, and insights from Wharton
faculty, advisors, and industry experts. According to the report,
fees are an area of miscommunication between advisors and clients.
Nearly all of the advisors surveyed (95%) indicated they discuss
their fees with clients, yet just 61% of investors said their
advisor initiates fee discussions with them, and less than half
(43%) understand their advisor�s fee structure �completely� or
�fairly well.� �The evolution of the financial advisory business
and growth of fee-based relationships during the past decade has
fundamentally changed the relationship between advisors and their
clients,� said Gary MacDonald, vice president at State Street
Global Advisors. �Advisors must respond to the paradigm shift by
adapting their communications skills to effectively convey the
value they provide in a way that instills trust and security.�
Financial intermediaries can access the report by registering as a
financial professional and downloading at www.ssgafunds.com. About
State Street Global Advisors State Street Global Advisors, the
investment management arm of State Street Corporation, delivers
investment strategies and integrated solutions to clients worldwide
across every asset class, investment approach and style. With
US$1.8�trillion in assets under management as of March 31, 2007,
State Street Global Advisors has investment centers in Boston, Hong
Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney,
Tokyo and Zurich, and offices in 25 cities worldwide. For more
information, visit State Street Global Advisors at www.ssga.com.
About Knowledge@Wharton and the Wharton School Knowledge@Wharton
(http://knowledge.wharton.upenn.edu/) is a free biweekly online
resource that captures knowledge generated at�the Wharton�School
through such channels as research papers, conferences, books, and
interviews with faculty on current business topics, and distributes
that knowledge online to a global business audience. The
Knowledge@Wharton network includes more than�900,000 subscribers
and contains more than 2,000 articles and research papers in its
database, with more added every week. The Wharton School of the
University of Pennsylvania -- founded in 1881 as the first
collegiate business school -- is recognized globally for
intellectual leadership and ongoing innovation across every major
discipline of business education. The most comprehensive source of
business knowledge in the world, Wharton bridges research and
practice through its broad engagement with the global business
community. The school has more than 4,600 undergraduate, MBA,
executive MBA, and doctoral students; more than 8,000 annual
participants in executive education programs; and an alumni network
of more than 81,000 graduates.
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