Tune in to the July 2024 Financial Services Intelligence Update with Kapil Vora and Miles Tullo to refine your advisor retention strategies and stay ahead in the industry. The J.D. Power Financial Advisor Satisfaction Study provides crucial insights into what drives advisor contentment and retention, offering valuable guidance for wealth management firms.

Key Insights:

Employee Advisors: Satisfaction has surged by 49 points this year, thanks to better compensation, advanced technology, and enhanced support systems.

Independent Advisors: Satisfaction has declined by 15 points, primarily due to leadership issues. Only 46% of independent advisors feel their firm is heading in the right direction, a drop from 54% last year.

Important Takeaways:

Attrition Trends: Advisors who signal they might leave often do. Conversely, those committed to staying are likely to remain, underscoring the need for early intervention and resolution of concerns.

Culture and Leadership: Effective firm culture and leadership are critical for retention. Advisors planning to stay rate these factors much higher than those considering leaving. Professional development is also key for less tenured advisors.

For More:

Financial Advisor Satisfaction Study: https://www.jdpower.com/business/financial-advisor-satisfaction-study

Read the latest Press Release: https://www.jdpower.com/business/press-releases/2024-us-financial-advisor-satisfaction-study

Sign up to receive J.D. Power Financial Services Insights: https://hub.jdpower.com/fs-insights-list-opt-in