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 Millennials said their outdated financial modeling and high fees were what caused them to stray.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

eMoney platform preps AI assistant for CoPlanner tool
eMoney platform preps AI assistant for CoPlanner tool

The new chat feature is expected to launch in 2027.

Small 401(k) balances erode after job changes, new research shows
Small 401(k) balances erode after job changes, new research shows

Vanguard finds auto portability curbs cash-outs, while PensionBee data show most automatic rollover IRAs lose value within a year

Americans can only afford to live to 83, survey finds
Americans can only afford to live to 83, survey finds

Retirement savings gap widens as clients underestimate nursing home costs by nearly half.

Advisor moves: Ohio RIA managing nearly $1B joins Osaic for succession planning
Advisor moves: Ohio RIA managing nearly $1B joins Osaic for succession planning

Aurora-based Beacon Financial Group selects broker-dealer’s Empowered Independence channel to secure its next chapter.

Turning Wealth into Retirement Income: Insights from Leading Financial Advisers
Turning Wealth into Retirement Income: Insights from Leading Financial Advisers

In this InvestmentNews TV panel, leading advisors discuss longevity risk, retirement income planning, withdrawal strategies, healthcare costs, and the mindset shifts retirees need to enjoy the wealth they've worked so hard to accumulate.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor