If you’re among the advisors who picked up the phone and called your clients as the coronavirus crisis wreaked havoc on the economy, you probably have happy clients. With volatility seemingly at an all-time high and uncertainty not going anywhere any time soon, many advisors have taken the opportunity to connect more personally with their clients and this in turn has shown their value.
According to a survey from Hearts & Wallets, for the last eight years, about 40 percent of those who work with financial advisors agree with the statement “my financial adviser is a partner to me.” As of May, that number is up to 56 percent.
One major difference that can set advisors apart is picking up the phone and giving their clients a call. Advisors and financial services companies have been contacting people more frequently during the coronavirus crisis. Of those surveyed, 62 percent who received personalized emails said they were satisfied with how useful the outreach was, while 28 percent were neutral and 10 percent were dissatisfied. Of those who received phone calls, however, 75 percent said they were satisfied, 10 percent said they were neutral, and 10 percent said they were dissatisfied.
To no one’s surprise, Advisors have been more likely to reach out to clients with more money--those with at least $2 million in assets got more calls than those with smaller asset levels. While 52 percent of those with less than $100,000 in assets received no contact at all, according to the survey.
However, it is significant others and the media who still reign supreme when it comes to financial advice. Only 20 percent of clients were apparently contacted by a financial professional during the month of May, while 47 percent got advice from others and 39 percent got advice from the media. People also reported receiving guidance from their financial statements (38 percent), family (30 percent), and friends (26 percent).
