A recent report from Limra found that with the exception of one’s primary care physician, people are more likely to choose their financial advisor over most other things in their lives – Including $1,000 cash.
Limra’s report, “Forsaking Most Others: Consumers and Their Financial Professionals,” highlights the value clients place on their relationship with their finance professional – such as an insurance agent, CPA, broker, financial planner or advisor— and reminds advisors why they got into the business in the first place.
It’s this kind of report that has very little to do with money that reaffirms one’s decision to become a financial professional in the first place.
Thankfully, and sensibly, the top answer revealed that 80% of those surveyed valued their advisor more than their hairdresser or barber, the second-highest result suggested that 78% valued their advisor over their favourite dessert and the third-highest result showed that 76% valued their advisor or a lifetime of good parking spaces.
While the choices offered in Limra’s survey were provided somewhat tongue in cheek, it does provide anecdotal evidence that the advisor/client relationship is far stronger than many realize.
Although the Limra report doesn’t break down the results amongst the various types of advisors, it represents a change of pace for clients bombarded with advisor-related scandals in the news. Mainstream media take note.