FINANCIAL ADVISORS NEED TO WORK BETTER FOR CLIENTS
By Adnews Staff
Consumers want better service from their financial advisors, according to a study done by Hart & Associates of Toronto. Advisors must provide better ongoing service, independent advice and put a heavier focus on looking after clients' best interests. What investors want most from advisors is independent advice, honesty and reliability. Investors feel that advisors focus more on getting the client than on ongoing specific investment guidance. The key weakness of brokers and planners is inexperience. Although brokers are more experienced investors and have a higher income, they provide poorer service. In other findings, 32% of investors have a written financial plan. Forty-seven per cent do not feel their portfolio will provide them with the income they need for retirement. The study was done in association with McManus Elliott Communications of Toronto.