Wealthy Investors Stage Revolt Against Advisors (WSJ)- What to Do?
The following posting is derived from an article in the WSJ in September. There are some appalling numbers and facts surrounding it.
“According to a new survey from Prince & Assoc., 81 percent of investors with $1 million or more in investible assets plan to take money away from their current advisor. An even larger number — 86% — plans to tell other investors to avoid their advisor. Only 2% plan to recommend their firm to other investors.”
For more, see: WSJ-Revolt Against Advisors
So let me ask you a few questions…
If you are a “brand firm” what are you doing about this? Scrambling around for solutions?
If the institutions are not to blame, how will the individual advisors deal with the damage control?
What is it going to take to re-build the trust and relationship when clients are sick of having products pushed on them? (This was only successful during “good times” when no one noticed, when your portfolio was on the upswing)
Isn’t it time for a change?
Shouldn’t the advisors and institutions be taking a different approach, as things have REALLY changed this time around?
Tell us what are you seeing out there?
Trip Allen, Team Egyii, Singapore
Tags: Private Wealth
