Clients Complain of AWOL

Advisors During Pandemic

By current estimates, two of every three investors work with a financial advisor. Unfortunately, a recent J.D. Power study states that one-third of those who did felt that their advisor was nowhere to be seen during the pandemic. The J.D. Power Wealth Management Insight report is based on data from a survey conducted in May and June. It includes feedback from more than 521 individual investors on their experiences and perceptions since the emergence of COVID-19. At Murphy Wealth Management, we find that statistic baffling.

Our philosophy has been to increase the frequency of our contact to ensure that our clients feel totally comfortable during this highly stressful time. Among the survey group, 31% said they had not been in contact with their advisor in the three months since the pandemic emerged in the U.S.  By contrast, 28% said they had heard from their advisor at least once, 23% at least twice and just 8% said they head from their advisor three or more times.

At Murphy Wealth Management we have sent out multiple videos and well over twenty-five letters to our clients during the pandemic, so they feel that we are continually communicating with them. That is in addition to many personal conversations, e-mails, and video-conferencing. J.D. Power said that advisors that did not make better use of digital channels may miss an opportunity to engage with their clients in ways that are no longer possible during the pandemic. We are happy to communicate with clients in whatever fashion they are comfortable with, whether by phone or digital means.

Additionally, according to the latest findings from Northwestern Mutual’s  2019 Planning & Progress Study, an overwhelming 92% of U.S. adults aged 18+ agree that nothing makes them happier or more confident in life than when their finances are in order. Every day that road to financial security starts with having a solid financial plan, and that starts with having an advisor you trust and offers you the confidence you need. Regular communication is just one aspect of the advisor relationship that helps to create that sense of trust.

If you would like a free evaluation of your current financial plan or would just like to learn more about Murphy Wealth Management, we would welcome the opportunity to discuss your financial future.

Be Safe.

Dan Murphy

Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Murphy Wealth Management Group, Inc., a Registered Investment Advisor and separate entity from LPL Financial.