Study: Do most affluent investors prefer a single financial services provider?
February 11, 2025 by Ayo Mseka
When it comes to affluent investors, do they prefer having multiple specialists or a single financial services provider?
According to research from Cerulli’s U.S. Retail Investor Advice Relationships 2024 report, eight out of ten (82%) affluent investors who are considered “Advice Seekers” may prefer a single financial provider.
Wink’s Moore on the Market: Great question!
“When it comes to affluent investors, do they prefer having multiple specialists or a single financial services provider?”
A recent survey found that “eight out of ten (82%) affluent investors…may prefer a single financial provider.”
It looks like people are increasingly looking for a financial professional who can provide HOLISTIC advice.
The most fascinating tidbit I found?
Further, “17% of affluent investors…report, on average, a relationship length of 8.0 years, including 46% of investors who have relationships of fewer than five years.”
So, affluent investors are “shopping” for advisors; certainly earlier than I thought.
Takeaway?
“…The next generation of affluent clients…has a high and broad set of expectations for the services that should be available to them,” according to Scott Smith with Cerulli Associates.
“To retain these clients, advisors will need to dedicate themselves to understanding their circumstances and goals and offer solutions every step of the way in order to secure their trust—and assets.”
Does this mean that more financial advisors are going to modify their practice, to ensure that life insurance and annuities are included in their clients’ overall financial plan?
Maybe. Just maybe.
Thank you for the interesting read, Ayo Mseka with InsuranceNewsNet. -sjm
