Gary Bleetstein, Senior Vice President, Agent Support Group

Recently, there were several articles published regarding what a financial services client expects and receives from his or her advisor. In more reading and investigating I came upon some very interesting and disturbing facts.

These just go to show that we all have along way to go in servicing our clients.

  • Financial Service Clients expected 96% services and received 70%
  • Wealth Transfer Clients expected 96% service and received 24% while still alive
  • Long Term Care Advice Clients expected  83% services and only received 14%
  • Life Insurance Clients expected 82% of services and received 12%

This list published in Insurance Network for Fiduciary Advisors goes on and on and only reflects what the public views us as – advisors who apparently are not as a whole, doing our jobs.

These few numbers show a real and troubling gap in delivering financial services to the client. This study was conducted in 2021, Covid or no Covid- our industry has lots of work ahead.

The new buzz word “ Holistic Planning: is used more and more, however, based on this and other studies, it just is not working the way it should.

Some ideas that have been mentioned include more collaboration between various types of advisors, P&C, CPA, Wealth Advisors, RIA.s etc.

We must gear up and begin to meet all of our clients financial expectations as this will be critical to the long term success of our financial services businesses and platforms.