Research from industry research group LIMRA shows that three out of four wealthy clients are highly satisfied with their advisors.

According to a report published by LIMRA on Sept. 16, three out of four affluent consumers (i.e., those with more than $1 million of investable assets) expressed "high satisfaction" with their financial advisors. LIMRA gauged satisfaction according to a number of criteria, including how easy it was for clients to reach their advisors when they needed them most, how transparent the advisor was, and the clarity of the advisor's communications — especially when discussing the cost and value of a service. The survey revealed that almost half of those surveyed would like to work with their current advisor for life.

LIMRA's research also found that clients who were more engaged in the act of retirement planning were more likely to be satisfied with the advice they received. While only 18% of those with slight or no engagement and just 29% of moderately-engaged clients said they would trust recommendations from an advisor, 59% of engaged clients indicated they would do so. Asked if they believed advisors provide value beyond what they could achieve on their own, 60% of engaged affluent clients said they thought so. However, only 21% of moderately-engaged high net worth clients and 14% of wealthy clients with low levels of engagement saw value in the work financial advisors do.

“For affluent consumers, trust is more than delivering a strong investment performance,” comments Jafor Iqbal, assistant vice president, LIMRA Secure Retirement Institute.  “Advisors who engage their clients in rigorous retirement planning gain their confidence, trust, and their loyalty.”