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Every quarter, Merrill Lynch commissions a survey of 1,000 affluent Americans with investments of at least $250,000.
Among the questions in their survey in June was one about the importance of various financial advisory services.
Here were the top-rated responses from affluent investors:
- Provide proactive updates about whether they're on track with their financial goals (71 percent).
- Be proactive with investment advice (69 percent).
- Offer advice on how to maximize a 401(k) (68 percent).
- Understand the role their personal values play in their financial goals (67 percent).
- Provide holistic financial advice (66 percent).
- Help with ensuring necessary cash flow and liquidity (63 percent).
- Provide support with decisions regarding Social Security, Medicare, long-term care, etc. (60 percent).
The impact of proactive contact
There are a couple of notable insights from this list.
First is the breadth of financial issues on which affluent investors want advice – going well beyond just investments.
And second, the top two results both related to an advisor being proactive the one word that defines effective communication, more than any other,
A business owner’s take on advice
One of the keys that busy clients look for in an advisor is someone who monitors their situation, so they don’t have to.
A $1 million-plus business owner I talked to put it this way:
“I’ve got a lot of balls to juggle in my business.
What I look for in all of my professional advisors – my accountant, lawyer and financial advisor – is that they’re on top of things and will be in touch if there’s anything I need to know.
Because I’m confident they’re worrying about my situation, I don’t have to be concerned that I might be missing something.”
