The New Information Age Has Changed How Financial Advisors Obtain Information On The Product and Service Offerings Of Asset Managers

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Latest research from Phoenix Marketing International shows today’s younger generation of financial advisors rely more on company websites and social networking than do their older counterparts.

Further, our findings suggest a division between financial advisors whose first choice is the company website versus those who initially reference Morningstar ratings"

Phoenix Marketing International (Phoenix), one of the fastest growing research companies in the U.S., announced today findings from its latest survey among financial advisors working for Banks, Independent Firms, Insurance Broker-Dealers, Regional Broker-Dealers, or National Full Service Brokers, plus Registered Investment Advisors working for a small practice or advisors with General/Brokerage Marketing Agents.

Conducted this past May, the Phoenix study shows that financial advisors less than age 50 (and especially those younger than 40 years) are more likely to indicate the company website as their most important source for obtaining information on an asset manager’s product and service offerings. Further, the younger generation of financial advisors report greater reliance on professional referrals and product advertising than do more senior financial advisors for whom SEC filings and distributors/wholesalers are viewed as more important sources for product and service information.

“Given now ubiquitous online access to a company’s product and service offerings, coupled with the recent rise in popularity of social networking sites to share investment capabilities, we are not surprised to see an age-based distinction in how product information is obtained and distributed,” states John Duggan, Phoenix VP for Sales & Marketing. “Further, our findings suggest a division between financial advisors whose first choice is the company website versus those who initially reference Morningstar ratings,” adds Duggan. Financial advisors who rely on company websites as their primary source of product/service information are also more likely to reference literature distributed by the asset manager or financial media as their second most important information source. In contrast, financial advisors who list Morningstar ratings as their most important information source were most likely to indicate rankings from independent sources other than Morningstar, third-party research, or distributors/wholesalers as their second choice information source.

We will be hosting a free webinar on this program titled “Best Practices in Broker Targeted Advertising” on September 20, 2012. For information on the webinar and to register, please go to:

The biannual Phoenix study has been conducted since October 2005 and was recently administered to nearly 950 financial advisors who recommend securities, retirement services, and/or insurance products to their clients. Study data are representative of the U.S. financial advisor universe grouped by the type of firm at which advisors work. Also reported are detailed evaluations of broker-targeted print advertisements and financial advisors’ likelihood to recommend such leading brands such as AllianceBernstein, Allianz, American Century, American Funds, Ameriprise, AXA, BlackRock/iShares, Charles Schwab, Columbia Management, Eaton Vance, Fidelity Investments, Franklin Templeton, Genworth, Goldman Sachs, Guardian, The Hartford, Jackson National, Janus, John Hancock, JP Morgan Chase, Lincoln Financial, MassMutual, Merrill Lynch/Bank of America, MetLife, MFS, Morgan Stanley Smith Barney, Nationwide, Northwestern Mutual, NY Life, Oppenheimer, PIMCO, Power Shares/Invesco, The Principal, Prudential, Putnam, Raymond James, Scottrade, State Street, Sun Life, TD Ameritrade, T. Rowe Price, TransAmerica, Unum, Vanguard, and Wells Fargo.

Phoenix will enhance the fall 2012 study to provide asset managers with insights on the social networking platforms and strategies used by financial advisors. New topics will cover financial advisors’ specific business purposes, goals, and realized ROI to date from social networking. The study will also query how well specific asset managers utilize social networking to support financial advisors and their expectations for how social networking can be used to enhance business relationships with asset managers.

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John Duggan
Phoenix Marketing International
(508) 315-6184
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