YCharts, a leading cloud-based investment research and client communications platform, released the results of its 2024 Client Communications Survey. With responses from nearly 800 clients of financial advisors, the study provides actionable insights for advisors aiming to bolster client communications and adapt to a shifting landscape.

A whirlwind of changes swept through the wealth management industry since YCharts released its last communications survey in January 2023. What was once characterized by a bear market, sky-high inflation rates, and turbulent volatility has swiftly shifted gears into a bull run, tempered inflation, and remarkably low volatility. These shifts, coupled with a gradually receding pandemic, have reshaped the experiences of advisors, clients, and their investments.

While these favorable market conditions likely benefited advisors and their clients, they also ushered in a new set of challenges. Advisors find themselves navigating a complex terrain of client preferences, from virtual versus in-person meetings to the most effective methods for conveying market and investment insights. Compounding these challenges is the stark reality revealing a staggering 75% of respondents either switched advisors or contemplated doing so in 2023—a significant uptick from the 48% recorded in YCharts’ survey the year prior. Amidst these dynamics, the goal remains to ensure clients feel heard, understood, and satisfied with their financial strategies.

"Upon reviewing the initial survey results, we were taken aback by the notable increase—compared to our previous year’s findings—of clients who indicated they were considering switching advisors, compelling us to conduct the survey twice to validate. With similar results, a resounding theme was clear: clients want more and better communication from their advisor," said Sean Brown, CEO of YCharts. “It is clear that advised clients now have a high go-forward propensity to leave advisors who are not communicating with them when, and how they desire,” Sean added.

YCharts is dedicated to advancing the wealth management industry through innovative solutions that streamline advisory tasks. The platform’s comprehensive suite of tools, including dynamic proposal generation and insightful market analysis features, enables advisors to articulate complex financial concepts easily, fostering informed decision-making and heightened client satisfaction. With features like YCharts’ Proposals and Talking Points, advisors can craft customizable reports showcasing winning strategies tailored to client needs, driving both informed decisions and enhanced client satisfaction.

Read the survey results here for a deeper understanding of what today’s clients expect from their advisors.

About YCharts

YCharts is an investment research platform that enables smarter investments and better client communications. Built for wealth management professionals, YCharts offers comprehensive data, powerful visualization tools, and advanced analytics for equity, mutual fund, ETF, and SMA research, as well as proposal and report generation, portfolio construction, idea generation, and market monitoring. For more information, visit www.ycharts.com.

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