What are the specific gaps in advisors’ confidence?
The “heart” gap was pronounced in our findings: Only 43% of respondents believed they were prepared for these emotionally intelligent conversations; moreover, fewer than half felt very confident that the content they were using could equip them to build deeper relationships with clients.
The topics advisors felt a lack of confidence talking about included everything from impact investing themes and environmental impact to corporate purpose and aligning a portfolio to help care for family.
The digital divide
Clients also expect content and communications to meet them where they are. Digital sources play an important role in the investment decision process for younger investors. One-third of millennials and 21% of Gen X use social media — which includes YouTube — to gather investment insights and ideas, compared with only 3% of boomers.1 However, our research showed that advisors are unlikely to use these digital channels to engage with existing clients or seek out new customers. Only 11% of advisors say social media is one of their preferred forms of communication.
How content can help
More than two-thirds (69%) of respondents felt that the marketing and communication materials they were working with were focused only on returns or performance, not on impact or value.
Providing the right content and tools will instill confidence in financial advisors. That confidence will lead to more engaging conversations about clients’ passions, family and legacy planning. And those holistic conversations will deepen relationships and demonstrate the breadth of expertise — all of which boosts client satisfaction and business.
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1 Refinitiv: Bridging the Generation Gap: Wealth Research Report 2023
