North American advisers see increased demand
Investor demand for adviser communication jumped 47% from February to March in North America, according to research from AdvisorStream, highlighting the increased demand advisers are seeing around the world during COVID-19.
The research from the adviser marketing firm revealed clients wanted consistent and frequent personalised contact with their advisers in times of crisis, particularly by email.
Kevin Mulhern, AdvisorStream co-founder and chief executive, said investors were also looking for facts, not fear.
“The volume of electronic communication between advisers and investors during March is unprecedented across the AdvisorStream platform in the US, UK and Canada,” Mulhern said.
“With the increasing daily uncertainty, advisers are stepping up to the plate more boldly than ever to clarify, illuminate and lead the conversation.
“Communication is key. Investors are more inclined to leave an adviser for a lack of communication than they are for perceived bad financial advice.
“Communication, in any form, from advisers is a lifeline for investors in volatile times.”
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.