Advisers need to work to remove small irritants clients experience: Morningstar

A survey Morningstar conducted of 399 paying clients of investment advisers in the US found that only about 6% had been so disengaged with their advisers that they terminated the relationship.

But Murphy said that doesn’t mean that the remaining 94% of clients were satisfied with the service their advisers were providing.
“Staying with you isn’t the same as being engaged with you,” Murphy said.

Morningstar’s research asked these clients to rate 15 different factors that the US-based financial services firm thought could be possible irritants in their relationships with their financial advisers.

The clients were asked to rate each potential irritant on a scale of one to seven, with one representing their major irritation, four being neutral and seven representing their total satisfaction with their adviser on that factor.