hero what clients want from financial professional

What clients want from a financial professional 

The vast majority of respondents said working with a financial professional would help ensure they could financially support all the things they want to do in their life.

While most Americans find value in the guidance offered by financial professionals, many do not seek professional guidance

In the 2023 Annual Retirement Study from Allianz Life Insurance Company of North America (Allianz Life), 88% said working with a financial professional would help ensure that they could financially support all the things they want to do in their life, which is, of course, one of the key goals when working with clients. Yet, many do not work with a financial professional. Only 44% said they are currently working with a financial professional, and that’s trending downward.

So, what do Americans say they want in a financial professional?

Most Americans who are currently interested in working with a financial professional said they want to collaborate on a strategy and don’t want to give up control. More than half (57%) said they would prefer that a financial professional propose solutions, but they would ultimately make most or all of their financial decisions. And, 25% said they are more likely to work with a professional who views their relationship as a partnership or consultation. Americans want to drive the direction of the services provided.

Clients want to work with a financial professional who provides holistic guidance based on a personal understanding of their values and priorities.

What might make you more likely to work with a particular financial professional?

33%
Financial professional who is understanding of my beliefs and values and is open and knowledgeable about how these may impact my finances
30%
Financial professional who is empathetic toward my financial struggles and meets me where I am at financially
39%
Makes recommendations that reflect my actual life and not some “financial ideal”
34%
Knows me as a person and my particular worries and values

Americans who are not currently working with a financial professional, but are open to it, are interested in talking to them about various financial worries:

78%
How to take distributions from my retirement savings for my retirement income
75%
Not having enough money to do all the things I want in retirement

In order to best serve their clients, financial professionals must recognize that people are looking for a partner to create strategies for their long-term financial future. That means focusing on collaboration and flexibility, as well as understanding clients' values, priorities, and concerns.

Allianz Life conducted the 2023 Annual Retirement Study online survey in February and March 2023 with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50K+ (single) / $75K+ (married/partnered) OR investable assets of $150K.

Allianz Life Insurance Company of North America (Allianz) does not provide financial planning services.

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

Products are issued by Allianz Life Insurance Company of North America. Registered index-linked annuities (RILAs) are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com

This content does not apply in the state of New York.

For financial professional use only – not for use with the public.