Client expectations: More tech, lower fees

Salesforce research shows advisers may need to restructure their businesses — or watch clients turn away.

An adviser’s financial planning tools and fee structure could make or break a client relationship.
Millennials are among the most demanding when it comes to modern technology and lower fee expectations, though Generation X-ers and baby boomers are not far behind, according to Salesforce’s 2015 wealth management report.
How the generations connect with their financial advisers also varied widely, though millennials were most likely to chat through text messages and instant messages than their counterparts. Meanwhile, baby boomers were most likely to meet with their financial advisers in person.
Advisers should watch out though — when asked what made clients switch advisers in the last five years, many Generation X-ers and baby boomers said a lack of communication with their adviser. Millennials said their outdated financial modeling and high fees were what caused them to stray.

The following factors are important when selecting a financial adviser

In which of the following ways do you communicate with your financial adviser for each of the following?

Setting up a meeting

Checking performance of your investment portfolio

Communicating account changes

Sharing documents with your adviser

Making investment decisions

Getting advice

How successful is your financial adviser at helping you achieve the goals you set for your investments?