While the main reason many investors who work with financial advisors have turned to an advisor for help is the need for retirement planning, only half say their advisors actually talk to them about what their lives might be like after retirement.
That's according to new survey data from Hartford Funds, which found that overall, most consumers who have financial advisors find the communication aspect of the relationship less than satisfactory — not just about retirement, but more broadly — because they say there's a lack of personalized engagement and human-centric approach to investments.
Sixty-one percent of people with advisors say they went to one in the first place because they needed smart planning for retirement. But only 51 percent agreed strongly that their advisors talk to them about what to expect when they actually retire, and almost one out of every five says advisors never talk at all about what their lives will be like.
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That's not the only dissatisfaction clients have. The survey also found that among those who haven't yet retired, aged 45–64, 19 percent want more personalized advice and for their advisors to care about them as people. And only 47 percent of this age group — those closest to retirement — strongly agree that their advisors talk to them about what retirement will be like.
"Advisors understand that context is key in helping clients set the right goals for retirement," John Diehl, senior vice president of strategic markets at Hartford Funds, said in a statement.
Diehl continued, "Because retirement is often the trigger for the relationship, it is alarming that more than half of respondents feel that advisors aren't talking to them about life in retirement. Advisors need to find creative ways to continue the conversation about goals and the motivations for reaching them."
Most clients apparently aren't all that satisfied with their advisors, with 86 percent identifying an area where they'd like to see some improvement. Twenty-two percent said their top concern was wanting advisors to take more time on education about the financial planning process and their investments. More personalized advice came in second, at 14 percent, and third was wanting advisors to care more about them as people and not just clients (13 percent).
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