The Investment Industry Association of Canada (IIAC) is embarking on research that will aim to understand the value of financial advice.
In a letter to its members, IIAC president and CEO Ian Russell outlines plans for a survey, which the group is conducting in partnership with research firm Advisor Impact, to study exactly what clients value in their advisory relationships.
The study, which launches this month, will survey 1,200 investors, and the results will be released publicly in November.
“The survey will uncover what constitutes satisfaction, loyalty and engagement for today’s client. It will also define the core drivers of engagement. It will determine the extent advisors are dealing with clients on a multi-generational basis, and how and when clients make advisor referrals,” the letter says.
The IIAC says that the survey will provide firms with information about advisor-client relationships that will allow them to develop tactics and strategies to compete more effectively; and, it will give the IIAC, firms, and advisors “the information needed to precisely articulate the specific value delivered to clients.”
“The results of the client survey will test our hypothesis that advisors are adopting tactics to build deeper client relationships through proactive engagement to strengthen client confidence and take advantage of timely investment opportunities. The survey will provide insights on what clients expect from their advisor and how advisors are responding,” it says.
Additionally, the IIAC says that it will be seeking individual firms to participate in a similar survey of their clients, which would allow them to benchmark themselves against the industry. The individual benchmark surveys will be conducted from October to December.