Unlocking Advisor Success With YCharts’ 2024 Communication Survey
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A strong communication strategy is the key to your success and growth. So, when it comes to your communication approach, are you losing or retaining clients? In this webinar, Chief Evangelist of FMG, Samantha Russell, and President & CEO of YCharts, Sean Brown, shared the importance of communicating consistently, plus tips for getting the most out of your communication strategy. They discussed: - Key takeaways from the YCharts Communication Survey - The consequences of less communication - Enhancing communication techniques for high-value clients - Long-term communication improvement strategies - Bullet-proof marketing ideas
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Unlocking Advisor Success With YCharts’ 2024 Communication Survey
- 1. Breaking Down YCharts’ 2024 Client Communications Survey With Samantha Russell & Sean Brown +
- 2. Thank you for joining! To learn more about YCharts and view our other webinars, be sure to subscribe to our YouTube channel Questions can be submitted using the chat feature within the webinar and will be answered during the Q&A. Please reach out to hello@ycharts for more information or... Start a free trial at ycharts.com Samantha Russell Chief Evangelist at FMG Sean Brown CEO at YCharts
- 3. 3 Agenda 1. Survey Overview 2. Consequences Of Less Communication 3. Enhancing Communication Techniques For High- Value Clients 4. Strategies For Improving Communication 5. Bullet Proof Marketing Ideas 6. Live Q&A!
- 5. Background, Information & Demographics
- 6. Less communication leads to lower confidence and understanding Less of your conversation is resonating with clients High-value clients want more communication Advised clients personally manage a portion of their investments Biggest Survey Findings 👉 The overarching theme: Clients need and want more from advisors.
- 7. Survey Result Comparisons 2023 Findings 2024 Findings % of clients prefer to be contacted at least every 3 months by their financial advisor #1 factor influencing a client’s satisfaction with their advisor % of respondents either switched advisors or contemplated doing so 48% 75% 47% 79% Portfolio Performance Deep Understanding of Me & My Goals
- 9. More Than Ever, Clients Want More Communication
- 10. 3 Out of 4 Respondents Contemplated or Changed Advisors
- 11. Decline in Client Comprehension and Confidence
- 12. Clients Are Self Managing Some Investments
- 13. Enhancing Communication Techniques For High- Value Clients
- 14. We asked respondents who have >$500k in AUM how increased frequency and/or personalized communication affects them: 89% “It would increase the likelihood of referring my advisors services to friends & family” 88% “It would influence my decision on retaining my advisor’s services” 85% “It would boost confidence in my advisor” High Net Worth Clients’ Opinions
- 15. Preferred Meeting Methods of High-Value Clients
- 16. Clients Value Your Financial Perspective Topics Clients Want More Advice On: Investment Opportunities #1 Market Trends & News #2 Interest Rates & Economic Insights #3
- 17. Long Term Communication Improvement Strategies
- 18. How Advisors Can Better Communication With Clients
- 19. How Advisors Can Better Communication With Clients
- 20. How Advisors Can Better Communication With Clients
- 21. How Advisors Can Better Communication With Clients
- 23. Email Is Still King
- 24. Have An Email Schedule - But Also Share Big Timely News
- 25. 4 Easy Ways To Improve *Right Now* 1 3 2 4 Shift Focus To Client-Centric Language Be Specific About Your Target Audience Ensure You Are Easily Accessible Keep Messaging Simple
- 26. Use The Words And Phrases Clients And Prospects Use
- 27. Focus On “You” Statements vs. “I” Or “We” Statements
- 28. It’s Not About You. It’s About What You Can Do For THEM
- 29. 1 3 2 4 Shift Focus To Client-Centric Language Be Specific About Your Target Audience Ensure You Are Easily Accessible Keep Messaging Simple 4 Easy Ways To Improve *Right Now*
- 30. ❌ ✅ Which Message Will Allow Someone To Know Immediately If You Help People Just Like Them?
- 31. Serve “Retirees and Pre-Retirees”?...GET SPECIFIC
- 32. Get Creative! How Can You Be More Specific?
- 33. 1 3 2 4 Shift Focus To Client-Centric Language Be Specific About Your Target Audience Ensure You Are Easily Accessible Keep Messaging Simple 4 Easy Ways To Improve *Right Now*
- 34. Don’t Hide Your Contact Information
- 35. Stop Making It Hard for People To Contact You/Book a Time!
- 36. Show Up - In Their Inbox, Their Social Feeds, EVERYWHERE
- 37. 1 3 2 4 Shift Focus To Client-Centric Language Be Specific About Your Target Audience Ensure You Are Easily Accessible Keep Messaging Simple 4 Easy Ways To Improve *Right Now*
- 39. Don’t Overthink It. Use Their Words
- 40. Write So a 9th Grader Could Understand
- 41. Thank you! Questions? Samantha Russell Chief Evangelist at FMG Sean Brown CEO at YCharts Sam on Social: Twitter: @samanthatwenty Linkedin: SamanthacRussell Email: marketing@fmgsuite.com Sean on Social: Twitter: @Sean_YCharts Linkedin: Seanbrownycharts
- 42. Q&A To Learn More About… YCharts → Start A Free Trial At ycharts.com FMG → scan the QR code or email marketing@fmgsuite.com
- 43. 43 Thank you! Start a Free Trial at YCharts.com
Editor's Notes
- Talking Points
- 2023 findings = from our “pre/post-COVID” survey that was published January 2023 2024 findings = from this survey, the newly published one in March 2024 that looked at client activity in CY2023 2022 - returns for S&P500 were nearly negative 20% 2023 - returns up almost 24%
- Punchline Generally speaking, clients want to hear from their advisor at least every 3 months. 80% want it, and only 60% getting it. 45-60 year olds and higher net worth clients prefer to be contacted more frequently
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- The frequency of advisor communication directly affects client comprehension, which has decreased since our last survey. (Not enough advisors listened to us on this point from our last survey! Comprehension scores degraded). Only 64% of client conversations with their advisor resonated, down from 70% in the prior year’s survey. Clients who are infrequently contacted understood a little more than half (59%) of a total conversation about their financial plan (down from 64% in the prior year’s survey), in contrast to the 71% comprehension rate among those who are frequently contacted Comprehension is getting worse for those who are rarely contacted. Less communication leads to decreased client confidence in their financial plan. Look at the donut charts on the right. Blue is good…where a client is very comfortable with their financial plan. 71% of frequently contacted clients feel very comfortable with their financial plan should the United States enter a recession. However, for those who receive infrequent or rare communication from their advisor, only 22% feel confident in their financial plan should the US enter a recession.
- Clients are actively managing significant portions of their finances themselves. Could more frequent communication through preferred client channels present potential growth opportunities for advisors? 74% of surveyed clients personally oversee a portion of their investments, with the majority managing between 10-50% of their total invested assets. This figure escalates to 85% among clients who express a desire for frequent contact from their advisor. 87% of clients with over $500,000 in AUM handle some investments independently. Nearly half of this group indicate that they personally manage between 26-50% of their total invested assets.
- Notably, higher net worth clients AND clients aged 45-60 want even more communication than everyone else Nearly half (47%) of clients with over $500,000 AUM prefer more frequent contact on at least a monthly cadence (Similar to last survey- 53%). (Data for all survey respondents: 39% want monthly or more, aged 45-60- 46% want monthly or more) 85% of these clients (over $500,000 AUM) believe increased frequency and/or personalized communication could significantly enhance their confidence in their advisor. 88% indicate that this would sway their decision to maintain their services, and 89% suggest it would impact their likelihood of recommending their services to family and friends.
- Top 3 topics that clients are most interested in: Investment Opportunities (52%), Market Trends & News (48%) and Interest Rates & Economic Insights (43%) Communication materials for all of these can be created within YCharts. YCharts can help advisors improve their client communication Proposals: Showcase the advantages of your recommended strategy compared to a prospect's existing portfolio Report Builder: Create your ideal reports with an intuitive drag-and-drop functionality Charting and Scenario Tools: Interactive, downloadable visuals that illustrate the impact of market movements and real-life events Email Reports: Automate market alerts, updates, and newsletters for clients & colleagues
- Graphic: https://www.canva.com/design/DAFchtbtNSk/ArrUjkRQhrw5rInNtxD9tw/edit
- *Each of the above charts only show the top 4 methods advised individuals voted on While Email (61%) followed by Phone Call (41%) are still the most preferred methods, Newsletter (25% up from 7% last survey) and Video (21% up from 4%) rose in preferences this year. Other channels that increased were Webinars (12% up from 2%) and Blog (13% up from 5%). Still a preferred channel, but fewer people desire to receive Text Messages since our last survey (26% down from 35%) Clients with over $500,000 AUM are gathering market information from blogs, social media and podcasts at a higher rate than others. It is clear that clients are continuing to seek information on investments from others beyond their financial advisor. This obviously creates risk if these sources present information that is inconsistent with what the advisor offers.
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Pulled from Sam’s LI post
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Pulled from Sam’s LI post
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Pulled from Sam’s LI post
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Pulled from Sam’s LI post
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not
- Clients are changing or contemplating changing advisors at a rate higher than ever before Focus on the orange - orange is safe. Every other color either left or considered leaving. What do you see with this lens? In 2023, 75% of respondents either considered switching or actually switched advisors. Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison Your clients over 60 are safe and secure. Your younger clients are not and your higher net worth younger clients are especially not