What Do Consumers Value in a Financial Professional?

Financial professionals can be important companions for high net worth individuals navigating complex fiscal situations. To best serve their clients, financial professionals need to understand what their clients expect from the relationship with a producer. By consistently meeting a client’s needs, financial professionals can maintain a client base of high net worth clients and expand outreach to the next generation of consumers.

A high number of consumers throughout all age ranges want improved education regarding asset management from their financial professionals. That indicates an opportunity for providers to deepen relationships with existing consumers while meeting the needs of an entirely new group.

What high net worth consumers want

The wealthiest members of the consumer population are some of the most likely to work with a financial professional. Their desire to consult with a producer is rooted in a respect for financial producer’s financial expertise, according to a study from investing website Spectrem’s Millionaire Corner. Over half of the high net worth individuals surveyed said they believed financial expertise was “extremely important,” and the majority said improved knowledge about investing was the primary reason to work alongside a financial professional.

High net worth clients may value the expertise a professional provides, but that doesn’t mean they don’t want to stay involved with their assets. According to a study from LIMRA​, nearly 60 percent of high net worth clients want to maintain an active role in managing their retirement savings. People with less money are more likely to trust a professional’s judgment completely.

A need for better education

Whether they are willing to give financial professionals complete control over their assets or not, consumers of all ages want to learn more about financial issues from producers. Providing this type of education for current and prospective clients could give producers a way to forge deeper connections with consumers.

By reaching out on social media platforms and creating content that offers clients a way to find valuable financial advice on their own, financial professionals can establish themselves as knowledgeable partners for continued economic growth. A blog or social media post is an effective tool to keep current clients engaged and offers a way for new clients to discover the financial professional’s services. According to Norah Denley, a senior research analyst for Distribution and Technology Research at LIMRA, these platforms are powerful tools to establish and nurture relationships.

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