Over 60% of Investors Aged 35-44 Switch Advisors in Search of Specific Expertise, According to Survey

The Same Cohort Is More Likely to Find Their Advisor via Social Media and Advisor Matching Services

Dynasty Financial Partners today announced additional results of their Dynasty Connect survey of 1,000 high-net-worth participants. Each respondent had a minimum of $500,000 in investable assets and worked with a financial advisor. The survey, which has a 3.1% margin of error, was conducted between April 20 and May 1, 2023, in partnership with Absolute Engagement.

Respondents aged 44 and under tend to wait for a specific life event before seeking financial advice, according to the survey. These milestones include getting married, buying homes, and starting families. Within this cohort, 54% of respondents between 35 and 44 followed this pattern of behavior, as did 42% of those under 35. This compares to 31% of survey respondents between ages 65 and 74 who sought professional financial advice in response to a specific life event - typically in the form of retirements or "liquidity events" tied to business sales and inheritances.

"These findings have a clear message for financial advisors," said Andrew Marsh, Vice Chairman of Dynasty Financial Partners. "People seek expert financial advice to fulfill specific, and often age-related needs. Advisors can use this information to craft services that match their clients' priorities."

The survey also found that 61% of those 35-44 years old that have switched advisors made the change because they needed an advisor with different/specific expertise. This highlights the issue that people need to find advisors that are well-suited to meet their specific needs.

The Dynasty Connect survey also highlighted generational differences in using social media to source financial advice. For example, nearly half of respondents under age 45 would use social media to find a new advisor, as would:

* 40% of those under 35

* 38% under between 35 and 44

But only 5% of those between the ages of 45 and 54 would follow suit.

"This gets to the reach social media has in communicating with Millennial and Gen Z consumers," Brendan Bell, Head of Dynasty Connect, remarked. "This demographic is accustomed not only to making purchase decisions online, but also to self-educating themselves on those purchases. Additionally, once they are ready to engage, they much prefer digital communication and “chatting” – oftentimes directly on social media – over phone calls."

Next-generation clients also have a stated preference for advisors with track records of helping women, business owners, and minorities, having diverse teams, and offering remote services, according to the report.

"Big picture," Mr. Bell concluded, "this survey uncovers age-based patterns of behavior that financial advisors can't afford to ignore."

Dynasty Connect

Dynasty Financial Partners introduced an end client referral program called Dynasty Connect. Dynasty Connect is a concierge service that helps high-net-worth individuals and families in the U.S. connect with independent financial advisors well-suited to meet their needs.

For more information, please visit dynastyconnect.com.

Survey Methodology

The Dynasty Connect Survey sampled 1,000 respondents between April 20 and May 1, 2023. The survey has a 3.1% margin of error. All respondents work with a financial advisor and have a say in household financial decision-making. The respondents each had a minimum of $500,000 in investable assets. The survey was conducted in partnership with Absolute Engagement.

About Absolute Engagement

Founded by Julie Littlechild in 2014, empowers advisory firms to drive personalized engagement at scale. In addition to conducting on-going investor and advisor research, the firm provides innovative engagement technology that reveals the true needs of prospects and clients and allows advisors to respond in real time. Absolute Engagement and its services support advisor leaders in making better strategic and operational decisions. To learn more, visit: https://absoluteengagement.com/

About Dynasty

Dynasty is a provider of technology-enabled wealth management solutions and business services for financial advisory firms primarily focused on serving high-net-worth and ultra-high-net-worth clients. Dynasty provides access to a comprehensive platform of software and technology tools, business services, and holistic investment management capabilities through an open-architecture platform, delivered via a suite of proprietary and third-party technologies. Dynasty's technology, tools, and services provide advisory firms the supported independence to launch their business, scale their operations and grow their firms - organically and inorganically - while allowing them to be more focused on and better equipped to serve their clients.

For more than a decade, Dynasty has championed the benefits of independent wealth management for high-net-worth and ultra-high-net-worth clients and has contributed to the movement of assets from traditional brokerage channels to independent channels of wealth management. As Dynasty is becoming a recognized industry leader, the company differentiates itself through a deep understanding of and strong relationship with its clients, a comprehensive offering of services and technology-enabled solutions, the ability to leverage its size and scale to invest in continuously enhancing its offering, the flexibility, and seamlessness afforded by a modular technology solution, its entrepreneurial culture, and experienced and committed management team.

Please see https://dynastyfinancialpartners.com/ to learn more.

Also visit Dynasty on social media:

LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners/

Twitter: https://twitter.com/DynastyFP

Instagram: https://www.instagram.com/thedynastyfp

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