Financial advisers find the practice management and support tools provided by BlackRock/iShares are the most useful of those offered by product manufacturers and distributors, according to survey results set for release tomorrow. Specifically, advisers mentioned the firm's Retirement Center and Social Security resources found on BlackRock Inc.'s website.
Other tools that were often mentioned by advisers were American Funds' client materials, J.P. Morgan Asset Management's Guide to Markets and MFS Investment Management's Heritage Planning website resource, the survey by consultants Practical Perspectives LLC found. It questioned 600 advisers online this month.
(What to read: Davis D. Janowski on J.P. Morgan Asset Management updating its Guide to Markets)
Overall, advisers responded that they continue to want more tools and programs that can be used directly with investors and they would like help that is “implementation oriented,” as opposed to theoretical or academic, the survey said.
Report author Howard Schneider, president of Practical Perspectives, said that product providers spend tens of millions of dollars to develop these programs each year with the hopes of building awareness, loyalty and of course sales from advisers. In many respects, it seems to be working.
“Value-add capabilities are ranked highly relative to other sales support available to advisers,” Mr. Schneider said. “Many advisers indicate these programs do influence factors such as their willingness to consider a particular provider or their loyalty to a provider.”
About 69% of advisers said the value-add programs probably influence their overall impression of a provider.
Over the next one to two years, advisers particularly want help from providers regarding investment, economic and product issues and client engagement and development, the survey found. Social media does not appear to be something advisers are looking for help with from vendors, according to the survey results.
