Data shows that delivering a carefully considered financial plan that effectively addresses clients’ needs typically translates to higher levels of financial assurance and a better overall experience. Aon’s latest research in partnership with the Money Management Institute (MMI) — which surveyed 1,500 investors and 1,405 financial advisers across the U.S. — found that 52 per cent of investors say the value of advice has increased post crisis and nearly a quarter (23 per cent) of individuals under 45 years of age had their first financial planning discussion during the coronavirus (COVID-19) pandemic.
When considering this new reality, wealth advisers have an opportunity to utilise the tools and resources at their disposal to improve satisfaction and efficiency. Examples of this include initiating frequent client interactions, as well as redirecting focus from wealthier, more established individuals to younger clients and helping them align their investments with their personal values. In turn, this could lead to investors allocating more assets and a higher share of wallet to their financial adviser or firm.
David Lo, head of U.S. client insight for Aon’s human capital solutions practice, along with Joan Lensing, chief programming officer at the Money Management Institute, unpack the key elements driving financial confidence and perceptions around quality financial planning in a new article for Professional Wealth Management. Click here to read the full piece.