Cisco’s Internet Business Solutions Group (IBSG) recently released a study looking at wealthy investor’s attitudes about how they use technology and how they engage with their financial advisors. The FPA recently released their 2012-2013 compensation study. Here are highlights from both studies.
Cisco Internet Business Solutions Group (IBSG) Wealth Management Study
This is the second annual report from Cisco’s IBSG highlighting findings from their study on wealthy investor’s attitudes regarding investing, their relationship with their financial advisor, and how they prefer to interact with their financial advisor. For the study, Cisco IBSG interviewed more than 1,200 wealthy investors in the United States, United Kingdom, and Germany. These investors had $500,000 or greater in investable assets.
Some of the key findings highlighted in the report include:
The last seven bullet points all refer to technology trends affecting investors and their relationship with their advisor. Advisors should consider these shifting trends as they build out their technology portfolio to communicate with clients.
There is also becoming less need to have as many face-to-face meetings. Video chatting, video calling, meeting online, and collaborating online are all fast becoming requested preferences, particularly among younger clients. For clients that are farther from your office, or live out of state full-time or part of the year, video meetings make a lot of sense.
Although Cisco has a vested interest in making a connection between their solutions with some of these findings, I believe this study, as well as others, clearly shows there is a shifting trend in how advisors should communicate with clients. This is becoming increasingly evident as we look at how the next generation of clients prefers to communicate- shorter, more frequent contact as opposed to longer, but more infrequent communication.
For more information about the Cisco IBSG study, go to www.cisco.com/go/ibsg/financialservices.
In a future post, I will take a look at the options available to advisors for communicating and collaborating with clients.
2012-2013 Financial Planning Compensation Study
The Financial Planning Association (FPA) released its compensation study, including information on compensation, incentive, and benefit data for positions including financial planner, technical specialties, and support staff.
The study breaks down the information by firm size, region of the country, and job position, among other criteria.
Key information included in the report:
If you are not an FPA member or are an academic industry participant (students and instructors), you can still order the study. It is only available in electronic format.
FPA Members: $99