NEW YORK, April 12, 2019 /PRNewswire/ -- Evolving
social behaviors and technology innovations are reshaping investor
preferences and rewriting the relationship roadmap for financial
advisors, according to a new survey from Broadridge Financial
Solutions, Inc. (NYSE:BR), a global Fintech leader and part of
the S&P 500® Index. As investors across generations become more
accustomed to highly individualized user experiences and
client-centric customization in other aspects of their lives,
financial advisors must adapt as they compete for clients, their
attention and assets.
Friend Me, Follow Me, Like Me
A majority of Millennial (89 percent) and Gen X (59 percent)
respondents are open to their financial advisor following them on
one or more social media platforms. The survey shows that Facebook
is the most preferred social media network for advisor-client
engagement, with 61 percent of Millennials, 38 percent of Gen X and
19 percent of Boomers open to an advisor following them on the
platform. Advisors have the ability and invitation from their
clients to be informed and a part of their lives like never
before.
Investors Want Engaging and Actionable Advice
Fifty-three percent of those surveyed indicated there was some
level of customization in their investor communications by calling
them "personally relevant." However, when asked to further describe
those communications, fewer than 4 in 10 respondents said they were
"engaging" and fewer than 3 in 10 reported them as "actionable."
There is an opportunity for advisors to reconsider the content they
distribute to clients in order to strengthen relationships.
"As a result of technology transforming the customer experience,
investors have come to expect a certain type and level of service
no matter the industry or consumer relationship," said Chris Perry, head of Global Client Solutions at
Broadridge Financial Solutions at the SIFMA Private Client
conference. "It's clear investors want to interact with their
advisors on social channels and want high-quality, engaging and
actionable financial advice. This presents a real opportunity for
advisors to provide more personalized communication and
experiences."
More than one-third of Millennials (38 percent) use their
smartphone as a primary device when reading advisor communications,
compared to a quarter of Gen X (21 percent) and 7 percent of
Boomers. When it comes to paper as their preference however, just
37 percent of Boomers, 22 percent of Gen X and 10 percent of
Millennials prefer to read investment communications on that
medium.
Relationship Status: It's Complicated
Breaking with the long-held industry belief that clients will
overwhelmingly follow an advisor if they leave their firm, the
survey revealed that nearly half of Gen X clients (47 percent) said
they would remain with their current firm regardless of whether
their advisor made a move. Thirty-nine percent of Boomers and one
third of Millennials would do the same.
In today's world, brand and customer experience matter. The
survey found that 47 percent of Gen X and 42 percent of Millennial
respondents stated that the reputation of an advisory firm was more
influential in their decision to work with a financial advisor than
the advisors themselves.
For more information, please go to
https://www.broadridge.com/resource/wealth-insights.
Methodology
The survey of 502 individuals who currently use a financial
advisor was fielded in March 2019 by
Engine, a market research firm.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR) a $4 billion global fintech leader and a member of
the S&P 500, is a leading provider of investor communications
and technology-driven solutions to banks, broker-dealers, asset
managers and corporate issuers globally. Broadridge's investor
communications, securities processing and managed services
solutions help clients reduce their capital investments in
operations infrastructure, allowing them to increase their focus on
core business activities. With over 50 years of experience,
Broadridge's infrastructure underpins proxy voting services for
over 50 percent of public companies and mutual funds globally, and
processes on average more than US $5
trillion in fixed income and equity trades per day.
Broadridge employs over 10,000 full-time associates in 18
countries.
For more information about Broadridge, please
visit www.broadridge.com
Media:
Tina Wadhwa
Broadridge Financial Solutions
+1 212-973-6164
tina.wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.