Bit of a perception gap here: Almost all advisors think their best clients are happy with the relationship, but the mood among their clients is not quite so rosy.
We've seen a lot of surveys talking about how about 35% of the investors out there are ready to change advisors. A new poll from the Institute for Private Investors -- which focuses on serving high-net-worth people -- confirms that insight.
But the IPI went a little further by asking the advisors. And found that while 65% of the clients are happy, 95% of the advisors think the clients are happy.
The biggest stumbling blocks seem to be the perception that advisors aren't doing everything they can to help their clients. These investors feel that their advisors don't spend enough time with them, don't take their risk profile into account, and don't explain their fees well enough.
What this sounds like is a call to revisit old documentation with your biggest accounts and maybe even your entire book. Re-explain your fee schedule -- maybe something has changed, or you have a better illustration for how to simplify the numbers.
Revisit the risk profile and goals conversation. While this is a lot of work, if 35% to 40% of your top clients think you don't understand them, then maybe these questionnaires need to be filled out again to ensure that everyone knows that everyone is at the same table.
And if this is the millionaire clients, imagine how the mass affluent types -- who may not have gotten the VIP treatment at every firm out there -- are feeling about their relationships.