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New Study a Reminder that Advisors Must Adapt to Investor Needs During Uncertain Times

Issue date: Thursday, March 03, 2022

Contact Information: Maureen Walker | +1 303 850 3202 | Contact Email: mwalker@i-w.org

Data gathered from Canadian investors in late 2021 reveals the continued need for advisors to respond to the changing needs, priorities and values of their clients.
 
DENVER – March 2, 2022 – A special report released by the Investments & Wealth Institute®, 2021 Investor Report Canada, focuses on understanding the needs and concerns of high-net-worth investors and highlights how the pandemic is changing how they think about the future. Investors’ overall satisfaction with their advisors remains high and clients feel supported, but it is critical to acknowledge that the client experience will need to evolve with their changing expectations, preferences, concerns and aspirations.   

While 52% of survey respondents report some financial impact from the global pandemic, respondents were more likely to report that the pandemic had impacted their financial futures in ways that are not purely financial. Younger respondents were more likely to say they will set different goals for their financial future and give more to charity, while respondents who were closer to retirement were more likely to say they would reduce their spending.
 
The most significant client concerns have less to do with the level of service being provided by their advisors and more to do with clients’ own level of self-confidence about their financial future. They are concerned about:

  • Personal or family health (62% somewhat concerned or very concerned)
  • Market uncertainty (68% somewhat concerned or very concerned)
  • Helping their children make good financial decisions (36% somewhat concerned or very concerned)
  • Job security for their children (37% somewhat concerned or very concerned)
  • Caring for elderly parents (32% somewhat concerned or very concerned)

“The insights gleaned from this survey demonstrate a tremendous opportunity for advisors to provide a more refined, personalized client experience. Advisors who are nimble and responsive to how clients are feeling — and what they need right now — have great potential for strengthening client experiences and maintaining long-term relationships,” said Investments & Wealth Institute Chief Executive Officer Sean R. Walters, CAE®.
 
The research for this report was conducted by Absolute Engagement. Responses were collected in September and October 2021 from 425 respondents. All respondents worked with a financial advisor, made or contributed to financial decisions and met specific asset criteria.

The report is available as a downloadable PDF here. Charts included in the report can be made available upon request.

About Investments & Wealth Institute
Founded in 1985, the Investments & Wealth Institute is the premier professional association, education provider and standards body for financial advisors. Through its award-winning events, publications, courses and acclaimed certifications — Certified Investment Management Analyst® (CIMA®), Certified Private Wealth Advisor® (CPWA®) and Retirement Management Advisor® (RMA®) — the Institute delivers Ivy league-quality, highly-practical education to more than 30,000 practitioners annually in over 40 countries. Members of the Institute include the industry's most successful investment consultants, advanced financial planners and private wealth managers who embrace excellence and ethics in applying a broad set of knowledge and skills in their daily work with clients. Learn more at www.investmentsandwealth.org.

About Absolute Engagement
Absolute Engagement is an organization that prides itself on being an expert in elevating the client experience and helping advisors drive practice growth. Founder and Chief Executive Officer Julie Littlechild is a recognized expert on the drivers of client engagement and a popular speaker on how client experience is being disrupted and how to leverage those trends to drive referrals. Littlechild has presented at numerous Institute events, both in-person and online. She has worked with and studied successful financial advisors and their clients for more than 25 years.  Previously, Littlechild launched and ran one of the industry’s leading research firms, focused on client engagement. She is the author of a popular blog, the co-host of the “Becoming Referable” podcast and the author of The Pursuit of Absolute Engagement. For more information, visit www.absoluteengagement.com.

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