Advisors Seen as Counselors

More than half of affluent men and an even larger percentage of women regard their financial advisors as more than just a source of information about investments.

Research shows 58% of men and 66% of women view their advisors as a counselor and not just a provider of information. That assessment is shared by 64% of affluent households with shared decision-making responsibility. Similar percentages want financial advisors to act as their “quarterback,” coordinating referrals or access to other services. Some 54% of men, 61% of women and 65% of shared decision-makers are in favor of such an arrangement. However, most of the affluent still want the final say about their investments. Only 33% of men, 42% of women and 38% of shared decision-makers are willing to cede to advisors the authority to make all decisions. About half are not willing either to follow their financial advisors to a new firm. Some 47% of men, 54% of women and 45% of shared decision-makers are willing to switch firms to keep their current advisors.

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