Simsbury, Conn. (June 11, 2003) -- Hear that silence? It’s the sound of clients waiting by the phone to hear from their financial advisors.
A recent survey commissioned by The Hartford Financial Services Group Inc. found that although more than 56 percent of investors are extremely or very satisfied with their current financial advisors, they would like to hear from them more often.
The survey of 210 investors who have financial advisors showed that 33 percent had not spoken with their financial advisor in the past six months. Over 30 percent of those surveyed felt they should speak with their financial advisor more often, and overall, 45.4 percent were “somewhat” to “not satisfied” with the amount of communication from their primary financial advisor.
In terms of the kind of financial advisor surveyed investors use, it was almost equally split between brokers and certified financial planners.
Of those investors who were likely to change advisors in the next six months:
- 23 percent were between the ages of 25 and 44;
- 13 percent of those in the 45-to-64 age range were likely to change;
- 36 percent had two or more financial advisors; and,
- 39 percent had $250,000 or more in invested assets, excluding real estate.
In addition, 71.4 percent of those surveyed said that they currently seek financial advice. Three years ago, nearly 60 percent said they made investment decisions on their own, but sought professional advice on some matters.Online survey service Opinionsite.com conducted the survey in April on behalf of The Hartford. Additional survey results can be found at
--WebCPA staff
