|
Better than 9 out of 10 advisors surveyed reported receiving net new client assets over the past six months, according to the Independent Advisor Outlook Study conducted in January 2009. The largest share of assets were transferred from full-service brokerage firms.
Among the reasons clients cited for leaving full-service brokerage firms were a loss of trust (69 percent) and a lack of personal advice (64 percent).
The advisors surveyed cited three primary problems with new client portfolios:
- Inappropriate asset allocation given the client's individual risk tolerance (74 percent)
- A large number of high-cost products (53 percent)
- Too many proprietary products (49 percent)
According to advisors surveyed, nearly half of their clients require reassurance in the current market environment. As a result, 78 percent of advisors are increasing proactive contact with clients, and 71 percent are providing more education about the market.
LARGEST INCREASE IN REASONS FOR LEAVING FULL SERVICE BROKERAGE FIRMS
JULY '08 VS. JAN. '09
All Respondents
Q13C.1: For which of the following reasons, if any, did your new clients from full service brokerage firms move their assets to your firm during the past six months?
Base = All respondents; July ’08 = 1010; Jan ’09 = 1240
RETIRED CLIENT INVESTING BEHAVIOR COMPARED TO 6 MONTHS AGO - JAN. '09
All Respondents
Q22f: Thinking specifically about your clients who are in retirement, are they doing more, the same, or less of the following compared to six months ago?
Base = Advisors with clients in retirement; Jan ‘09 = 1197
(0309-8000)
|
