Volatile stock market creates need for financial advisers. (Life/Health: Marketplace).Financial advisers should not shy away from Verb 1. shy away from - avoid having to deal with some unpleasant task; "I shy away from this task" avoid - stay clear from; keep away from; keep out of the way of someone or something; "Her former friends now avoid her" clients during this bear market, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. two recent studies. In fact, they need to become even more communicative com·mu·ni·ca·tive adj. 1. Inclined to communicate readily; talkative. 2. Of or relating to communication. com·mu . "Financial advisers need to heed the clarion call clarion call Noun strong encouragement to do something and come out of hiding," said Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Gresham, executive vice president in sales and marketing for Phoenix Investment Partners. "Today's wealthy are feeling more vulnerable and confused, and whether advisers believe it or not, clients value their counsel now more than ever." Phoenix Cos. commissioned the "Wealth Management Survey of the High Net Worth and their Advisors," which found that 31% of advisers believed that their clients are extremely or very dissatisfied dis·sat·is·fied adj. Feeling or exhibiting a lack of contentment or satisfaction. dis·sat  is·fied with them, but that only 9% of wealthy clients said that was true. Most
clients did not blame their advisers for the bear market.Phoenix said high-net-worth people are less confident about their knowledge and want advice. Advisers should consider developing formal financial plans for their clients. The survey polled 1,649 households with net worths of at least $1 million. Nationwide Financial found in a survey it sponsored that high-income professionals are more interested in protection, education and expertise and are turning to more experts for help with financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against . "The results show that affluent clients want to know more, need to know more, and they're demanding to learn from the best sources available," said Mathew Greenwald, president of Greenwald & Associates, which conducted the survey for Nationwide. The survey polled 500 people with annual household incomes greater than $150,000 a year.
Seeking Another Opinion
A survey conducted by Nationwide Financial indicates that more
high-income professionals are consulting financial advisers this year.
Insurance agents have seen the largest increase in inquiries from 2001
to 2002.
Respondents
Type of Adviser 2002 2001
Professional investment adviser 70% 54%
Stockbroker or national firm 54% 32%
Accountant 50% 22%
Insurance agent 27% 7%
Attorney 23% 13%
Banker 18% 7%
Source: Nationwide Financial
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