Loyalty among affluent investors to their financial institutions and financial advisors is ranked second only to physicians and dentists, says a study by Spectrem Group. ‘Client Loyalty Among Affluent Investors,’ says unfortunately, loyalty doesn’t appear to translate into client referrals. When asked to rate their overall level of loyalty, affluent investors rated themselves quite high – at 83.26 on a 100-point scale. However, when asked how often they refer others to their financial institution, only nine per cent of affluent investors answered ‘very often.’ In fact, 30 per cent indicated they never refer others to their financial institution. The study also reveals that investors place the highest value on an advisor’s service quality in evaluating their relationship, ranking it higher than price and account features. In fact, the number one reason that clients will switch their financial providers is due to lack of proactivity, which is directly related to the quality of service they receive.
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