What are the key activities in financial planning that are of utmost importance to clients? What do clients seek when it comes to managing their wealth? To give deep insights based on data, we will look at a 2023 study conducted by EY Global Wealth Research that has shed light on the desires and behaviors of over 2,600 wealth management clients worldwide, offering valuable insights into the industry's transformation.

Client-Centric Approach: Recently, a client told me that their Wealth Management firm held fancy events at expensive venues and that was upsetting. This Client believed that the Wealth Management firm was using his money to market their company and would be better off picking a few money managers versus a full-service Wealth Management firm with expensive events. Clients expect financial planning activities to be centered around their unique goals and aspirations. It is vital for wealth management advisors to take the time to understand their client's needs, risk tolerance, and financial objectives. A personalized approach that aligns with the client's circumstances creates a solid foundation for a successful long-term relationship.
People power: Clients continue to value human advice — especially in times of volatility, or at key moments in their investing lifecycle. For example, three out of four investors want advice on financial planning to come from a person, although it’s also signifiant that 46% are happy to receive that advice virtually.
Lifecycle shifts: Engagement preferences change significantly over the investment and relationship lifecycle. For instance, it is understandable to see that in-person interactions are preferred (by 44%) to virtual ones (37%) when creating the initial financial plan. In contrast, virtual channels are popular for “in-flight” interactions; when taking advice on external variables, virtual contact (48%) is preferred to in-person (36%).
Fiduciary Responsibility: Clients place immense trust in their wealth management advisors, expecting them to act in their best interests. A fiduciary duty requires advisors to prioritize clients' financial well-being above all else, ensuring transparency, objectivity, and integrity in their recommendations. Clients value advisors who demonstrate a commitment to ethical and responsible practices.
Financial Planning Expertise: Wealth management clients seek advisors who possess deep knowledge and expertise in financial planning. They expect their advisors to have a comprehensive understanding of various investment strategies, tax planning, risk management, and estate planning. By providing informed and strategic advice, advisors can help clients navigate complex financial decisions with confidence.
Performance Track Record: While clients value a good performance track record, it is essential to emphasize that past performance does not guarantee future results. However, consistent and competitive investment returns can instill trust and confidence in clients. Wealth management advisors should communicate their investment philosophy, strategy, and the underlying rationale for their recommendations to manage clients' expectations effectively.
Technological Advancements: The impact of Ai is recognized. The digital revolution has significantly impacted the financial services industry, and wealth management is no exception. Clients, especially millennials, now expect high-quality digital experiences from their advisors. User-friendly online platforms, intuitive mobile apps, and access to real-time information are essential features that clients appreciate. Embracing technology not only enhances client satisfaction but also improves operational efficiency.
Human Interaction: Despite the growing prominence of digital solutions, clients continue to value human interaction, especially during uncertain times or critical stages of their financial journey. Face-to-face meetings provide a personal touch and foster stronger relationships between advisors and clients. However, the pandemic/lockdown has accelerated the acceptance of virtual consultations, with 46% of clients now preferring this mode of interaction.

In the realm of financial planning, understanding the most important activities for clients is crucial to delivering a truly valuable wealth management experience. As the industry evolves, wealth management advisors must adapt to changing preferences and embrace digital advancements while maintaining the personalized and human touch that clients seek. By prioritizing fiduciary responsibility, expertise, client-centricity, and leveraging technology intelligently, advisors can provide the level of service that clients desire.