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Asset Preservation Advisors


State: GA

APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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Financial Advisors: Building Trust and Confidence in a Digital World

Nearly 60 percent of ultra-wealthy households are either “concerned” (34 percent) or “very concerned” (25 percent) about the ability of a financial advisor to develop trust and loyalty with the next generation in today’s digital and mobile world.

| BY Donald Liebenson

We are living in a digital world, but when it comes to relationship building with financial advisors, the fundamental things apply for America’s ultra-wealthy households and that is one-one-meetings.

A Spectrem’s Millionaire Corner wealth level study of households with a net worth of at least $25 million (not including primary residence) finds that six-in-ten ultra-wealthy respondents believe that more frequent one-on-one meetings, more than digital or social media platforms, would enhance and develop greater trust and confidence with financial advisors and providers.

Eighteen percent would like to see more frequent communications via newsletters or bulletins. Only 14 percent thought that more frequent use of digital platforms such as Skype would foster a more solid working relationship with a financial advisor or provider, while 8 percent thought this could be achieved via greater usage of social media platforms such as Facebook and Twitter.

Not surprisingly, between preferred old school and new school methods of relationship-building, age is a factor. The oldest ultra-wealthy respondents (66 and up) are the greatest proponents of personal one-on-meetings (73 percent) and well as more frequent newsletters or bulletins (30 percent). The youngest respondents were more open to the idea of digital meetings (20 percent).

Affluent investors have been with their primary advisor for just over 15 years, the Millionaire Corner wealth-level study finds. Trustworthiness and honesty are the two most important criteria in selecting an advisor. Nearly 60 percent are either “concerned” (34 percent) or “very concerned” (25 percent) about the ability of a financial advisor to develop trust and loyalty with the next generation in today’s digital and mobile world.

Across the age groups, it is the youngest ultra-wealthy households who are most the concerned about this (35 percent), while Baby Boomers ages 56-65 are most likely to express they are “concerned” (39 percent).

Advisor-dependency, too, is a factor in shaping these attitudes. Those who rely solely on their financial advisor to make all of their financial decisions express the least concern over the ability of their advisor or provider to establish trust and loyalty with their children. Those most likely to express “concern” are those who are advisor-assisted (49 percent), meaning that they consult frequently with a financial advisor, but still make the majority of their financial decisions themselves.

The highest percentage (34 percent) of investors who express the most concern about their advisor or provider being able to develop trust and loyalty with their children or grandchildren are investors who consult with an advisor or provider on a specific event, such as allocation of assets, saving for college or planning for retirement

About the Author

Donald Liebenson

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.