Affluent 'Advice Seekers' Want One Advisor but Seek Better Options: Cerulli

After starting a relationship, 93% of Advice Seekers said they look to their current provider when they consider adding a new product or service. Yet, 41% said they plan to switch some or all their assets to another provider in the next 12 months.

“Despite high overall satisfaction levels — 92% of Advice Seekers believe their financial advisor can solve their financial needs — this cohort is not yet committed,” Smith said. “While an advice provider may initially serve the needs of an affluent investor, their preferences may change, and until they firmly establish a trusted advisor relationship, they may look elsewhere.”

According to the research, three-quarters of Advice Seekers said they need more advice than they have in the past, higher than any other behavioral segment reported.

A provider may not have a proprietary offering that is the best solution to every need, Cerulli said, but by helping clients assess their current needs and honestly recommending proprietary or external solutions that best fit these needs, advisors can bolster their credibility with clients.