According to a Morningstar study on why clients keep their financial advisors, 59% of the time clients are keeping their advisors for emotional reasons instead of financial ones. Only 12% of the clients surveyed mentioned investment returns as a reason for keeping their advisor. *
With AI replacing many of the more transactional elements of what advisors traditionally have done, RIAs may want to be purposeful about strengthening their emotional connections with clients as part of their growth strategies.
And if technology can get us only so far, that begs the question: Are advisors the solution to what AI can’t do?
In this episode, John O’Connell, Founder and CEO of the Oasis Group, joins host Bill Coppel, Chief Client Growth Officer at TradePMR, to dive into this question.
* Why Do Investors Keep Their Financial Advisors Around? Morningstar. Published Jan. 22, 2024.