Financial advisors may have to reach out to their clients more often and with more personalization if they want to help them grow confidence about their finances as well as attract more clients, a recent survey found.
Sixty-four percent of financial advice clients say their advisors contact them infrequently or very infrequently, according to a recent survey from YCharts.
That figure rises to 69% for clients with less than half a million dollars in assets, but even among those with more than $500,000, 46% say they have only infrequent or very infrequent contact with their advisor, YCharts says.
At the same time, 66% of clients who are infrequently contacted say more frequent and/or more personalized contact would boost their confidence about their financial plan, according to a survey of more than 650 individuals, all of whom currently work with a financial advisor or wealth manager.
And even among those who are frequently contacted, 57% say they would feel more confident with more contact, YCharts says.
Finally, advisors may want to take heed that 85% of respondents say they would take into account the frequency and style of communication when deciding on an advisor, according to survey.