Snappy Kraken Survey Reveals About Half of HNW Retirees are Considering Hiring a New Financial Advisor

Advisors risk attrition if not consistently communicating with clients during difficult markets

Snappy Kraken, the MarTech innovator serving financial services professionals, announced the results of its survey of high-net-worth (HNW) retirees and pre-retirees. The survey, which focused on bear markets and the threat of a recession, found that slightly more than half (52 percent) of respondents would consider hiring a financial advisor within the next 18 months.

“To achieve meaningful connections with clients, advisors must take care to regularly check in via email and text message. Webinars, seminars and educational events are also good ways for advisors to keep clients informed and demonstrate their expertise.”

Featuring responses from nearly 800 people with at least $200,000 in household income who were either retired or nearing retirement, the survey revealed a distinct opportunity for advisors to be more proactive. Of note, 20 percent of respondents were not currently working with a financial advisor but expressed an interest in doing so. The survey responses also indicated that strong client service and constant communication are the keys to maintaining and expanding an advisor’s client base during tough markets and economies.

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“In times of recession or market turbulence, advisors that remain highly visible and connected to their clients are better positioned to thrive,” said Robert Sofia, Co-Founder and Chief Executive Officer of Snappy Kraken. “Satisfied clients can be a great source of referrals, especially during times of financial uncertainty. Advisors who fail to address their clients’ unspoken fears might lose them to competitors who understand the powerful emotions that economic and market challenges can evoke.”

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For advisors’ marketing efforts to generate meaningful results, they need a research-based approach that’s reflective of what their target market is thinking, feeling and talking about. That was among the reasons Snappy Kraken conducted this survey – to provide advisors with insights into the various ways their clients are dealing with market volatility. In addition to the findings detailed above, the survey indicated:

• Investors want to know how long a recession might last, what to expect should one occur, and if they’re positioned to weather its effects. Those who expressed confidence in the current market still relayed worries about creeping inflation, the potential of postponing their retirements, the need to reduce their lifestyle expenses, and optimal allocation ahead of retirement.
• Retirees with higher incomes aren’t particularly concerned about a recession or bear market; rather, they want to know how they can grow their wealth after such events and leave a legacy for the next generation.

Sofia added: “To achieve meaningful connections with clients, advisors must take care to regularly check in via email and text message. Webinars, seminars and educational events are also good ways for advisors to keep clients informed and demonstrate their expertise.”