More than 80 percent of investors with a net worth under $1 million approve of their advisor's knowledge and expertise.
The economy has improved since 2009, and so have investors’ attitudes towards the financial advisors they work with to increase their portfolios.
Spectrem’s quarterly research on Mass Affluent investors with a net worth between $100,000 and $1 million show that 76 percent of investors approve of the knowledge and expertise of their advisor. That’s an increase from the 70 percent of Mass Affluent investors who approved in 2009, one year after the recession occurred.
The Spectrem report – Advisor Relationships and Changing Advisor Requirements – indicates that advisor approval varies as age of the investor is considered. Among Mass Affluent investors over the age of 65, 83 percent approve of their advisor’s knowledge and expertise, but only 67 percent of investors under the age of 45 share that approval.
On Millionaire Corner’s Best Financial Advisors service, investors rate their advisors on knowledge and expertise, as well as other characteristics. The advisors are rated on a five-point scale, and are judged for overall satisfaction, recommendations and advice, and responsiveness.
For instance, of the more than 2,500 advisors rated on the BFA service, there are 193 affiliated with Ameriprise (including 20 new ones just added). Those advisors have an overall satisfaction rating of 4.5, and have a rating of 4.59 for knowledge and expertise.
To access the Best Financial Advisors ratings, click here, or on the yellow tab above. You can see all of the ratings or discover if your advisor is on the site. If your advisor is not listed, have them email Eric McDonald at email@example.com.