This last week has been marked with the continuation of the great melt-up in the markets, with more confirmation coming from the markets in the form of tried and true rules of thumb passing a stamp of approval, such as Dow Theory Letters calling of the bull market. In addition, their has been renewed strength coming from the commodities sector with oil prices creeping still higher, a reason for many Canadian investors to be happy. On the economic front, the Case Shiller Housing Index registered what some are saying is a bottom, and that was taken as very positive news. Whether this is a secular or cyclical “bull,” there are still reasons to believe that we are far from the end of this rally, at least for now.
Recent research with investors indicates that the traditional model of client contact is not working in today’s environment – as a result advisors need to consider new alternatives to how they communicate.
The reason is quite simple: Despite their best efforts, many advisors are struggling to meet escalating client demands for communication – and clients are at risk as a result.
In a research study by Ipsos Reid last November, 13% of Canadian investors said they are thinking about changing their primary financial advisor in the next year.
The main reason driving a possible change in advisor?
Last week, U.S. discount broker Charles Schwab released a research report indicating that one in four American investors is considering changing firms or advisors, consistent with recent data on Canadian investors open to making a move.
An interesting insight emerged when investors were asked why they might switch. The top two factors, each mentioned 32% of the time, were desire for a better fee structure and better advice. Just behind in 29% of cases where investors are contemplating a move was the desire for more proactive contact.
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Recent research with investors indicates that the traditional model of client contact is not working in today’s environment – as a result advisors need to consider new alternatives to how they communicate.
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