Brokerage firms and wirehouses are relied on most often, but others turn to banks for their wealth needs. Which is anticipated since most US banks are investing in their wealth management businesses.
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Satisfaction is strongest for those who rely on RIAs and IFAs. Those utilizing insurance firms, smaller banks and brokerages also report high levels of satisfaction.
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Which providers have the most loyal clients? Which are most at risk of losing clients? Those questions are effectively two sides of the same coin. Providers having the most loyal, committed, and stable customers are, in descending order, independent financial advisors and RIAs, with a combined 80% of clients expressing commitment and stability, followed by insurance companies with a 71% combined score, and brokerage firms, with a 67% combined total. Mid-tier banks, large banks and regional banks have the greatest percentage of at-risk customers.
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Clients who work with mid-tier banks report a higher incidence of problems and turnover of those who service their needs, while RIAs and IFAs see very few disruptions in these areas. As projected, regional banks are the highest across the board for experiencing problems or a team transition including incidence or personnel turnover.
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Many firms stand out in terms of delivering an exceptional client experience. Based on the index that combines several metrics and separates the exceptional by classifying them ‘Above the Mark’.
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