Financial advisors are failing to give clients the bottom-line fee disclosures they want.[pullquote]81% of clients said they were looking for an approximate calculation of fees based on their portfolio[/pullquote]
According to a recent survey of 250 advisors and clients by Atherton Consulting Group, which advises investment management and wealth management firms, 81% of clients said they were looking for an approximate calculation of fees based on their portfolio while only 44% of advisors say they offer this.
The study also noted investment recommendations take precedence with clients, while retirement and tax planning rank a distant second and third in priority.
Direct Marketing is a Waste of Money
Another aspect of the survey indicates that direct marketing is a waste of money for financial advisors—resources for recruiting clients should focus on active community involvement through their personal branding efforts such as blogs, interviews, editorials, etc.
More detail can be found in FinancialAdvisor.mag, March 13, 2014 article by Ted Knutson.