Investor demand for advisor communication during COVID-19 pandemic jumps almost 50%: AdvisorStream
Significant spike in March 2020 reflects industry's swift response
to calm growing fears of impact on retirement plans, economy
NEW YORK, LONDON and TORONTO, April 8, 2020 /CNW/ - For North American financial advisors, March of 2020 came in like a lion -- and went out like a lion.
According to new research from industry leader AdvisorStream, the only advisor marketing platform fully partnered with the world's most credible and trusted publishers, investor demand for advisor communication jumped 47% in March from February, underscoring the desire for closer advisor-client contact as the COVID-19 pandemic began rolling through the global markets.
"Investors want facts, not fear," says AdvisorStream CEO and Co-Founder Kevin Mulhern. AdvisorStream research reveals that investors want consistent and frequent personalized contact with their advisors in times of crisis, primarily by email, which answers the current and near-future inability to meet in person, and the significant time it takes to phone clients at a high frequency. "The volume of electronic communication between advisors and investors during March is unprecedented across the AdvisorStream platform in the U.S., U.K. and Canada."
In March, AdvisorStream digitally delivered nearly 4 million compliant investor communication campaigns, up by more than 500,000 from February. The spike in investor demand is attributed in major part to growing fears of the pandemic's impact on investor retirement plans, and the increasing anxiety that continues to ripple through the economy. Coupled with the reality that less than 10% of Americans and Canadians have access to premium paywall fact-checked news from trusted publishers, it is not surprising investors are looking to their advisors for credible and substantive information.
"With the increasing daily uncertainty, advisors are stepping up to the plate more boldly than ever to clarify, illuminate and lead the conversation," Mulhern says. Of AdvisorStream's almost 120 million articles, commentaries, video, and infographics delivered over the six-month period ending on March 31, more than 22 million were delivered in March.
"Communication is key. Investors are more inclined to leave an advisor for a lack of communication than they are for perceived bad financial advice," says Mulhern. "Communication, in any form, from advisors is a lifeline for investors in volatile times."
While advisors are laser-focused on client retention during volatility, Mulhern says there has also been an equivalent spike (38.9%) in prospect leads captured for advisors through the platform over the same period. "It appears there is opportunity in crisis. Potentially, some clients want to move, and other investors who have never had an advisor now realize they need guidance."
About AdvisorStream
AdvisorStream is the only marketing platform fully partnered with the world's most credible and trusted publishers. The award-winning service helps financial advisors engage their clients and win prospects through timely, personalized and compliant investor communications. An omni-channel marketing service, AdvisorStream delivers the highest-quality and up-to-date article, commentary, video and infographic content through newsletters, social media, emails, websites, and client portals. Every year, AdvisorStream delivers hundreds of millions of communications materials on behalf of its vast network of financial advisors. Headed by CEO, co-founder and industry thought leader Kevin Mulhern, AdvisorStream has offices in New York, London, and Toronto. For more information, visit AdvisorStream.com or connect with us on social media on Facebook, LinkedIn, Twitter, or Instagram.
ATTENTION EDITORS/PRODUCERS: Kevin Mulhern is available for interviews by phone and video conferencing (Zoom, Join.me and GotoMeeting).
SOURCE AdvisorStream LTD.
Margo Rapport, Rapport Communications, Email: [email protected], Phone: 416-895-5672
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