Today’s investors are seeking wide-ranging expertise and guidance from their financial advisors. Delivering cutting-edge investing strategies and offering tax-law guidance are among the services investors expect, according to the Investment Management Consultants Association.
Here’s a breakdown of what clients want.
- 83% say it’s important for their advisors to help them stay calm when markets drop.
- 92% want help maintaining a long-term investment perspective.
- 80% want an ongoing understanding of new tax issues.
- 63% want cutting-edge investing strategies.
But are advisors delivering? More than half (53%) of investors agree or somewhat agree that their advisors help them stay up-to-date on the latest tax-law changes.
And what do investors think about advisor education and designations? Here are some findings.
- 69% say it’s important for their advisors to hold voluntary certifications in addition to required licenses and registrations.
- 82% want their advisors to meet a rigorous set of standards to be certified.
- 72% prefer that the credential is issued by an objective, nonprofit, third-party certifier.
- 85% say an advisor should lose his credentials if he fails to meet ethical standards.
The research is based on 1,041 responses from investors with investable assets from $50,000 to more than $1 million.