Financial-services firm Edward Jones today announced survey findings revealing three-quarters of financial advisors (76%) from across the industry have increased their engagement with clients due to current economic conditions in the country (i.e., inflation, market volatility, recent bank foreclosures/mergers).
Most financial advisors are communicating with clients monthly (44%) or even weekly (42%) followed by several times a month (10%) and quarterly (4%). Further, in-person meetings are back as the most common way financial advisors communicate with clients (38% vs. 24% for email, 23% for phone calls and 16% for virtual meetings).
“Edward Jones financial advisors are focused on serving their clients through deep personal relationships and comprehensive planning and advice,” said Don Aven, principal, Branch and Region Development. “We know that clients are more vulnerable to emotional decision-making during economic uncertainty, making trusted relationships and personalized advice needed more than ever.”
Clients Who Work with Financial Advisors Have Greater Financial Resilience
Almost nine-in-10 financial advisors (88%) believe that most of their clients feel financially resilient, meaning they can withstand or recover quickly from difficult financial conditions. In fact, one third (32%) report that all their clients feel financially resilient. Additional research from Edward Jones indicates that those who work with a financial advisor are more than twice as likely to feel very confident about their financial wellness than those who don’t work with a financial advisor (40% versus 18%, respectively).
To prepare for navigating financial hardship, the respondents’ clients most relied on life insurance (64%), cash/emergency savings (58%) and retirement savings (43%). Consequently, 69% of financial advisors are confident that their clients’ emergency savings fund will last three months or more.
“This research confirms what we see working with clients…
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