The Staggering Disconnect Between What Clients Want and What Advisors Think

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If your brand is failing to connect with affluent prospects, here’s a glimpse inside their minds.

This article is based upon a study I did about a year ago. I surveyed a group of successful, affluent people who are solid prospects for most advisors (high income, high assets) by asking them, “What is it that you want out of a financial advisor that most don’t or can’t provide.” I then asked a group of advisors the same question.

The results were stunning.

There was a total disconnect between the two groups’ responses.

What advisors think affluent people want

When I asked a group of financial advisors of varying degree of experience what they feel their clients need from them, virtually all of them missed the mark. Here are examples of some things they said:

  • Listening
  • To be able to have trust in the advisor’s ability
  • Competence
  • Ethical approach
  • For the advisor to take the time to get to know their needs, their family, and business
  • Someone to tell them what to do rather than present options
  • To wind up with more money than they would without the advisor
  • An intimate relationship involving frequent contact