You hear prospects say it all the time: “Tell me how much it’ll cost!”
Advisors are better off laying out all the costs of doing business on the table with clients.
A recent SEI Global Wealth survey shows clients are bullish on communication – and bearish on advisors who beat around the bush:
- 37% of clients want the full cost of services explained up front
- 33% need feedback on whether they’re meeting retirement-saving goals, and
- 19% want an advisor who can explain why their investment portfolio is growing or shrinking.
Another crucial finding of the study:
Advisors send their clients tons of information, but often it’s not info they want or need.
The lesson: Quantity doesn’t equal quality – or client satisfaction. Financial advisors who can provide clients the info they want have the advantage these days.