Client expectations: More tech, lower fees

Client expectations: More tech, lower fees
Salesforce research shows advisers may need to restructure their businesses — or watch clients turn away.
MAY 11, 2015
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 Millennials said their outdated financial modeling and high fees were what caused them to stray.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?
How successful is your financial adviser at helping you achieve the goals you set for your investments?

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.