Third Annual Advisor Authority Study Profiles Generation X Investors – A Vital Target for RIAs and Fee-Based Advisors to Successfully Grow Their Practice
January 8, 2018 by Jefferson National
LOUISVILLE, Ky., Jan. 8, 2018 /PRNewswire/ — A new Special Report from the third annual Advisor Authority Study, commissioned by Jefferson National, operating as Nationwide’s advisory solutions business, and conducted online by The Harris Poll, profiles Generation X investors identifying key market opportunities for financial advisors. The latest findings help RIAs and fee-based advisors better understand Gen Xers’ unique priorities, preferences and concerns, so they can move the needle for their practice, enhance profitability and build a foundation for future growth. The Advisor Authority Study surveyed roughly 1,600 RIAs, fee-based advisors and individual investors across the country.
“Being in their prime earning years and next in line for inheritance, Gen X is a vital segment for advisors to target in order to enhance profitability and set their firms up for future success,” said Craig Hawley, Head of Nationwide’s advisory solutions business. “And each year, successful advisors are most likely to say that Gen X will be their primary target over the next 12 months.”
According to this latest Special Report, “Moving the Needle: Targeting Generation X,” over half of Generation X investors (52%) say they do not have an advisor. And despite their growing wealth and their complex financial challenges, Gen X investors are the least likely to seek professional advice. There is a huge opportunity for RIAs and fee-based advisors to tap into this valuable client segment.
Attracting and Retaining Gen X Investors
Concern about saving enough for retirement (30%) is the number one reason, by a wide margin, that Gen X investors have an advisor. In comparison, all other generations, including younger Millennials, say that feeling confident in their financial future (27%) is the top reason for having a financial advisor. When choosing an advisor, Gen X investors say experience matters most (41%), with personalized advice for a holistic financial picture (26%) and a fee-based fiduciary standard (20%) also rated among the top three factors, year-over-year. Likewise, Gen X investors say face-to-face meetings far outrank all other forms of communication, and regular, in-person meetings are the most effective way for advisors to learn more about Gen X investors’ needs. To effectively attract and retain Gen X investors, advisors must align with their top priorities.
To learn more, financial professionals can download this latest Advisor Authority Special Report on “Moving the Needle: Targeting Generation X” by visiting:
http://www.jeffnat.com/advisorauthority/chapter4
For more insights on Generation X and other segments of investors, financial professionals can also download the latest Advisor Authority infographic at: http://learn.jeffnat.com/advisorauthority/chapter4-infogram
About Advisor Authority:
The third annual Advisor Authority study explores the investing and advising issues confronting RIAs, fee-based advisors, broker/dealers and investors—and the innovative techniques needed for success in today’s complex market. It features a special focus on the most successful advisors and the most affluent investors. These latest findings are to be followed by an ongoing series of special reports that will be released through year-end.
Research Methodology:
The third annual Advisory Authority study was conducted online within the United States by Harris Poll on behalf of Jefferson National, operating as Nationwide’s advisory solutions business, from March 13 – April 7, 2017, among 779 employed financial advisors, ages 18+ and 817 investors, ages 18+ who are primary or shared financial decision makers with investable assets greater than $100K. Among the 779 financial advisors, there were 521 Registered Investment Advisors and 258 Broker/Dealers. Among the 817 investors, there were 208 Mass Affluent, 204 Emerging High Net Worth, 204 High Net Worth and 201 Ultra High Net Worth. By generation there were 164 Millennial, 204 Generation X, 348 Baby Boomer, and 101 Mature investors. And, among the investors, 524 have an advisor, while 293 do not. Investors are weighted where necessary by age, gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online in order to bring them in line with their actual proportions in the population.
Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who were invited to participate in the Harris Poll online research panel, no estimates of theoretical sampling error can be calculated. A complete survey method is available upon request.
About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.harrisinsights.com or Contact us for more information.
About Jefferson National
Jefferson National, operating as Nationwide’s advisory solutions business, is a recognized innovator of a leading tax-advantaged investing solution for RIAs, fee-based advisors and the clients they serve. Trusted partner to a network of more than 4,500 advisors, Jefferson National provides greater efficiency, transparency and choice through an adaptable technology platform, award-winning distribution strategy and cost-effective servicing capabilities. Named the industry “Gold Standard” as of 2012 and winner of more than 50 industry awards, including the DMA 2010 Financial Services Company of the Year. The company serves advisors and clients nationwide, through its subsidiaries Jefferson National Life Insurance Company and Jefferson National Life Insurance Company of New York. To reach our advisor support desk, please call 1-866-WHY-FLAT (1-866-949-3528). To learn more, please visit www.jeffnat.com.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
Nationwide, Nationwide is on your side, the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2017
SOURCE Jefferson National
