More than a third of affluent investors are considering moving assets away from their primary institution, and 25 percent say they'll consider taking assets from their current advisor.
The Rebuilding Investor Trust study is a comprehensive market research study conducted by Northstar Research Partners, an MDC Partners Network Company (NASDAQ: MDCA) (TSE:MDZ.A), in conjunction with Sullivan, a leading communications strategy and design firm.
While affluent investors say their levels of trust have risen significantly since 2009 (across institutions in general and even more so for the specific firms and advisors they currently do business with), "The anger, disappointment and sense of betrayal that many investors felt in 2009 have greatly dissipated," says Jim Neuwirth, president of Northstar Research Partners. "Investors are still fearful they won't meet their financial goals but are no longer afraid to take more control and make changes."
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Of those currently without an advisor, one-quarter (25 percent) plan to seek professional investment advice within the year. Of the affluent investors who were sampled for the study, nearly two-thirds (64 percent) currently work with a financial advisor. Two-fifths of investors (43 percent) say they're "very satisfied" with their primary financial institution (double since 2009) and 51 percent of those with advisors claim to be "very satisfied" with their advisor.
"Looking ahead, we see our findings as a wake-up call for institutions but also a great acquisition opportunity, as investors are more open to other providers who can show them a more compelling roadmap for success," explains Barbara Sullivan, managing partner of Sullivan. "This means institutions and advisors should take a more active approach to engaging their clients and prospects with transparent language and personalized service."
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