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Financial Advisor Satisfaction Study Highlights Opportunities



According to a 2023 U.S. Financial Advisor Satisfaction Study by J.D. Power, “U.S. wealth management firms have an advisor engagement problem,” citing a few major concerns:


  • 28% of financial advisors don't feel they have enough time to spend with clients, citing compliance and administrative tasks as the primary reasons.

  • 20% are within five years of retiring, and nearly a third of advisors now say they'll "likely" stay at their current firm for 1-2 more years, unlike their prior "definitely will" stance.

  • Satisfaction scores were significantly lower for advisors who felt they did not have enough time for clients.


But the news wasn’t all bad:


  • The top reasons given by advisors who said they were likely to stay for the long term included: a strong culture, company leadership, professional support, training, and development.

  • Among employee advisors, female advisors were significantly more satisfied in their careers than their male counterparts but still accounted for less than a quarter of the advisor population surveyed.


For firms, a few lessons seem clear:


  • Offering administrative leverage and helping to remove compliance friction points gives advisors more time with clients and improves advisor satisfaction.

  • An aging advisor population requires immediate and significant investment in the next generation of client-centric advisor talent.

  • Satisfaction matters for retention: “93% of advisors who felt their firm cares about them say they will definitely still be there in 1-2 years.”

  • The most appreciated investments include providing strong leadership, creating a strong culture, and ensuring advisors are supported with personalized professional development training.


Christy Charise, Founder & CEO of Strategic Advisor


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