Advisor satisfaction with firms hinges on time spent with clients: J.D. Power
Despite a decade of firms investing in technology to automate back-office busy work, many financial advisors feel as if they still don’t have enough time to spend with clients.
In a survey of 4,183 employee and independent financial advisors byJ.D. Power, 38% said they don’t have enough time to spend with clients. Of that group, 41% said they spend more time each month on “non-value-added” chores like compliance and administrative tasks.
Advisors are questioning how committed their firm is to providing the resources they need to succeed, said Craig Martin, executive managing director and head of wealth and lending intelligence at J.D. Power. Employee advisors who feel as if they don’t have enough time for clients rank 27 points lower on J.D. Power’s Net Promoter Score, which measures advisor satisfaction on a scale of -100 to 100. Independent advisors who feel this way scored 30 points lower.
“In difficult market conditions like the ones we’ve been experiencing for the past several years, great investment advisors set themselves apart by proactively addressing their clients’ needs, delivering comprehensive guidance and communicating clearly and frequently about the issues that matter most to their clients,” Martin said in a statement. “Right now, many advisors are struggling to find the time to deliver the level of hands-on service they know is critical to growing their business.”
When it comes to overall satisfaction among employee advisors, Wells Fargo Advisors ranked the lowest. Wells Fargo Advisors Financial Network was scored the lowest among independent advisors.
James Craven, head of advisor experience at Wells Fargo Advisors, said the firm is working to exceed advisors’ expectations of the firm.
“Our
Read more on investmentnews.com
