NEW YORK, July 7, 2020 /PRNewswire-PRWeb/ -- New joint research from the Money Management Institute (MMI) and Aon finds that less than half of financial advisory clients believe they have had a financial planning discussion with their advisor over the past 12 months. This points to a perception gap between financial advisory professionals who feel they engage in planning discussions much more frequently. In addition, the study finds that younger investors tend to be much less satisfied than investors over age 45 with the planning discussions they do have.
The findings are from the second release in a four-part MMI-Aon research series that examines surprising gaps between investor perceptions and firm delivery that continue to challenge the wealth management industry and inhibit client value. The Advisory Solutions: Expectations and Experiences research debunks persistent myths about client attitudes and delves into these gaps, which are being amplified by the COVID-19 crisis.
"Nobody disagrees on the importance of the financial planning process. What we see clients wanting now is more holistic wealth planning, as opposed to traditional portfolio management ? particularly among younger investors," says Craig Pfeiffer, President and CEO of MMI. "We need to help advisors develop their emotional intelligence (EQ) skills to meet this expectation and create ways to reinforce when financial planning conversations are happening between formal financial plan reviews."
Peter Keuls, Global Head of Wealth Management, Human Capital Solutions, at Aon, adds, "Recognizing the differing expectations of younger investors means rethinking the way in which financial planning is delivered. The COVID-19 pandemic has significantly accelerated the need for digital solutions, and the ability to deliver on that will begin to shape the wealth management landscape as we emerge from this crisis."
Specific findings of the second report, entitled Harnessing Generational Differences Across the Financial Planning Process, include:
About Advisory Solutions: Expectations and Experiences: Expectations and Experiences is a four-part series based on a proprietary research program produced by the Money Management Institute (MMI) in association with Aon. The series explores the gaps that have emerged between client expectations of advisory solutions and firm delivery, and why these gaps are undermining client satisfaction as well as business performance.
About the Money Management Institute (MMI): Established in 1997, the Money Management Institute (MMI) is the industry association representing financial services firms that provide financial advice and investment advisory solutions to investors. Through conferences, educational resources, and thought leadership, MMI facilitates peer-to-peer connections, fosters industry knowledge and professionalism, and supports the development of the next generation of industry leadership. MMI member firms are dedicated to helping individual and institutional investors, at every level of assets, plan for and fulfill their financial goals. For more information, visit http://www.MMInst.org.
About Aon: Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
SOURCE Aon
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