As a financial advisor, it’s important to understand what your clients REALLY want from you.

According to a recent report by Hearts & Wallets, the top priority for American households when it comes to financial services firms is clear and understandable fees. In fact, pricing considerations are now more important than at any time since 2010.

So, what does this mean for you as an advisor? It means you need to be transparent and upfront about your fees and pricing structures. Clients want to know exactly what they’re paying for and how much it will cost them.

But it’s not just about pricing. The report also found that clients value unbiased advice, clear communication, and helpful resources. They want to work with advisors who are knowledgeable, proactive, and put their interests first.

The report is based on a survey of 5,993 U.S. households in the latest wave of the Hearts & Wallets Investor Quantitative™ Database, recognized as the largest single dataset with over 120 million data points on saving, investing, and advice behaviors from 70,000 U.S. households dating back to 2010.

U.S. households ranked their top 10 wants from financial services firms on a top-two box importance using a scale of 1-10 nationally in 2022:

  • “Fees are clear and understandable” – 60%
  • “Explains things in understandable terms” – 56%
  • “Is unbiased, puts my interests first” – 54%
  • “Provides clear, useful statements” – 53%
  • “Has made me money” – 52%
  • “Has well-trained staff” – 50%
  • “Is easily reachable by phone” – 48%
  • “Quality of Internet account access” – 46%
  • “Investment ideas are knowledgeable, timely, and tactical” – 45%
  • “Is proactive when market changes/when I’m losing money” – 43%

One of the biggest challenges for clients is understanding how they pay for financial services. Many customers don’t know how they’re being charged, and pricing structures can be confusing. As an advisor, it’s your job to educate your clients and help them understand how your fees work.

Overall, the key takeaway from this report is that clients want clarity and transparency. They want to know what they’re paying for, and they want to feel confident that they’re getting value. As an advisor, it’s your job to provide this level of transparency and build trust with your clients.

By doing so, you can create strong, long-lasting relationships that benefit both you and your clients.

How Can Oak & Stone Help?

What Services Are You Interested In?
Thank you for contacting Oak & Stone! We have received your message and will reach out to you as soon as available.
There was an error trying to send your message. Please try again later.