NEW YORK, Sept. 21, 2020 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE: BR), a global Fintech leader,
today released a survey of over 400 financial advisors, which
reveals that financial advisors did not find asset manager
wholesalers more helpful in addressing their needs throughout the
challenges of the COVID-19 pandemic. Seventy percent of advisors
agree that the pandemic will have a lasting, long-term impact on
their practice, challenging asset managers to adapt in order to
better serve them.
Among advisors who have returned or plan to return to the
office, 58% expect to work at least partially remote one year from
now. One in five advisors (20%) are unsure at this point when they
will return to the office.
Nearly two-thirds (65%) of advisors find that working from home
has been just as effective as working from the office, and 86%
report that they have been able to host productive virtual meetings
with clients. Millennial advisors have been most successful during
the transition to remote working, with 90% able to host productive
virtual client meetings and 77% finding working from home to be as
effective as working from the office. In terms of prospecting, 77%
of Millennials have been able to host productive virtual meetings,
while only 58% of Boomers/Seniors say the same.
Only 10% of advisors report that external wholesalers became
more helpful as they dealt with pandemic-driven impacts on their
business. Almost a quarter of advisors (22%) found that external
wholesalers were less helpful in navigating the impacts of the
pandemic. Additionally, 32% of advisors report that the number of
wholesalers they rely on has decreased compared to two years
ago.
"As distribution organizations face the new reality of advisors
working from home for an extended period of time, they need to
adapt their outreach and support strategies in order to meet
advisors where they are – at home and online," said Matthew Schiffman, Principal of Distribution
Insights at Broadridge Financial Solutions. "The bar has now been
raised, and the video conferencing wall is not coming down. As
advisors do more with less, asset managers' distribution strategies
need to keep up – whether that means providing market updates,
newsletters, webinars, virtual lunches or even creative insight on
acquiring new clients."
According to the study, the top three tools that advisors are
looking for from asset managers are investment commentary and
ideas, portfolio construction support and resources, and marketing
and business-building support and resources.
To download a summary of the survey results, click here.
Methodology
This Broadridge survey was conducted by 8 Acre Perspective Corp.
to assess the world of financial advice and guidance. A total of
401 financial advisors across wire, regional, IBD and RIA channels
completed the survey, which was fielded from July to August 2020. For further details on survey
methodology, please contact a Broadridge media representative.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader, is a leading
provider of investor communications and technology-driven solutions
to banks, broker-dealers, asset and wealth managers and corporate
issuers. Broadridge's infrastructure underpins proxy voting
services for over 50 percent of public companies and mutual funds
globally, and processes on average more than U.S. $8 trillion in fixed income and equity securities
trades per day. Broadridge is part of the S&P 500® Index and
employs over 12,000 associates in 17 countries.
For more information about Broadridge, please visit
www.broadridge.com
Media Contacts:
Matthew Luongo
Prosek Partners
+1 646-818-9279
mluongo@prosek.com
Linda Namias
Broadridge Financial Solutions
+1 631-254-7711
Linda.Namias@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.