This is the third in a series of blogs sharing insights from the 2017 investor survey from Loring Ward and Dimensional Fund Advisors.

“Wealth Manager” and “Financial Advisor” are two terms used widely in the United States. However, few investors understand what these terms mean and how to assess whether they are receiving a good value.

Key Findings
When we asked investors, “How do you primarily measure the value you receive from your advisor?” the most popular response was Sense of security, peace of mind at 35%. Knowledge of my personal financial situation and Progress toward my goals weren’t far behind at 23% and 20% respectively. However, when we looked at a sample of firms who focus their service model on goal planning and tracking (vs. returns), the goal progress measure of value was sometimes 1.5 times more important.

Returns are important, but increasingly investors are looking for more value for their fee. By tracking goal progress, you’ll be in a better position to help clients understand what you do and the impact you’re making. You will also reframe their understanding of what truly matters (and help them stay calm and focused during market downturns).

For Further Help
In previous benchmark studies, we found that advisors who had a written and articulated value proposition grew faster, experienced lower attrition and were more profitable.[1]

Loring Ward resources for our Advisor partners:
Workflow Automation: To help you deliver a better experience more consistently, we’ve partnered with Redtail CRM to automate the Design | Build | Protect experience
Feedforward Sessions: By conducting a Feedforward Session — an integral step within our 360 Referral program — you’ll get insightful, qualitative feedback from your best clients to help you understand what they truly value

Read additional blogs in our series on Delivering a Better Client Experience:
7 Keys to Delivering a Better Client Experience
What Clients Seek From an Advisor


[1] Results from Dimensional Fund Advisors/Loring Ward 2013 and 2014 Advisor Benchmarks Survey, participating firms ≥$100MM

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