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What do people value most in a financial advisor?

financial advisor meeting with couple

What do people value most in a financial advisor? That's what Morningstar's 2023 Voice of the Advisor research recently outlined.

From a marketing standpoint, the following stats were important takeaways:

👉 "Regardless of gender and race, people care deeply about personalization when it comes to working with a financial advisor." 

✳️ MARKETING TAKEAWAY: Make sure your marketing is different and authentic. Don't just post whitepaper content. People want to know how you can tailor your financial planning knowledge specifically for THEM.

👉 "Among the non-investors we surveyed, the biggest barriers to participating in the stock market were risk and lack of knowledge."

✳️ MARKETING TAKEAWAY: Use your website, email marketing, and social media to educate and provide value. People are looking for it - be a trusted resource and convert the audience member into a client.

👉 Surprisingly, "Recommendations from friends or family who had a positive experience with my advisor" ranked relatively low: only 20% said that was important and 47% said it was least important.

✳️ MARKETING TAKEAWAY: Your outreach and marketing are more important than ever. If people aren't necessarily turning to referrals to find an advisor, you should be making a good impression with your website and other forms of outreach.

CLICK HERE to read the full report.


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