Clients tell SIA what they really, really want

The panel, which included a
vascular surgeon, a couple of
entrepreneurs and an industry
executive, described their
disillusionment with financial
advisors. What they really want
from advisors is full-on planning
that incorporates investments,
taxes, estate planning, and
insurance. They even want
financial education that extends
to the client’s kids who will
one day inherit it all.

The clients say they are happy
to deal with a team if that’s what
it takes to cover all the bases.
But they want a single contact
point for all their needs.
RBC Dominion Securities Inc.
has described this as its current
strategy.

The wealthy investors also
complain that advisors don’t know
their clients. Beyond KYC
obligations, they say advisors
don’t get to know the full story.
That often puts off the wealthy
client. The surgeon used the
analogy of doing a full physical
and medical history on a new
patient before starting to treat
them, and before bringing in
specialists.

The clients complained that
there is no objective way to
determine a good advisor from a
bad one. Firms need to do a better
job of stepping into the
relationship and vouching for the
quality of the service, they said.

These picky clients also just
want good old attentive service.
That means an advisor that calls
back immediately, regardless of
how pointless the question is.
They want an advisor that makes
them feel that they, or someone
from their team, is on call
24 hours a day, seven days a
week. They want an advisor that
educates, and one that pays
attention to their changing needs.
Price and eye-popping performance
are not much of a consideration if
the service is up to snuff, they
said.