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1、Asset Management PerspectivesThe evolving role of personalization Much has changed since we last surveyed advisors and investors.The toll taken by market and geopolitical uncertainties are reflected in our latest results.In the face of turbulence many key trends persist.The financial advisors role i

2、s more important than ever.A shift to more holistic advice continues.Amidst all of this,one key trend remains clear:Advisors and investors expect more personalized investment experiences.This report quantifies the attitudinal impact of rising interest rates and volatile markets.It explores the ongoi

3、ng evolution of products,insights and data-driven engagement.And it uncovers ways in which asset managers can better support advisors and their clients.TABLE OF CONTENTS A challenging time 3Financial advisors:A critical resource 4Key actions for asset managers 5 Products 6 Engagement 9 Data-driven p

4、ersonalization 10Asset Managers:Adding value 112|BROADRIDGEABOUT THE STUDIES This eBook includes findings from three research efforts:The Broadridge Financial Advisor Survey This survey was conducted in September 2022.Advisors were invited to participate via email and the survey was administered onl

5、ine.400 financial advisors with$10M+AUM and a minimum of 20%of AUM in ETFs and/or mutual funds participated.Conducted by independent marketing research firm 8 Acre Perspective.The Broadridge Investor Survey Conducted during August 2022.Polled 1,000 U.S.investors through an online quantitative survey

6、.Investors met the following screener criteria:Age 25+,primary or shared decision-maker for household decisions about money,$25K+in household income and$10K+in investable assets(not including workplace plans),and they invest outside the workplace (annuities,ETFs,individual securities and/or mutual f

7、unds).Conducted by independent marketing research firm 8 Acre Perspective.The Broadridge+IMEA All-Council Members Survey Conducted October 2022 among 42 council members of the Investment Management Educational Alliance(IMEA).3636%4646%1818%2929%3434%3737%3939%4444%1717%6363%2525%1212%5858%2323%2020%

8、6666%2121%1313%8787%8484%7777%1313%1616%2323%3|BROADRIDGE|Table of Contents More than a third of investors report their financial situation is worse than 12 months prior,twice as many as in November and May 2021.Their outlook for the coming 12 months worsened as well.Investor confidence continues to

9、 decline.INVESTOR FINANCIAL SITUATION VS.12 MONTHS PRIOR(%of investors)INVESTOR OUTLOOK FOR 12 MONTHS FROM NOW (%of investors)Financial advisors(FAs)are feeling the brunt of the downturn as well,perceiving unrealistic client expectations and fee compression as two of the greatest threats to their bu

10、sinesses.KEY THREATS TO ADVISORS BUSINESSES(%of advisors;multiple responses allowed)Fee compressionUnrealistic client expectations4444%4747%n Much/Somewhat better n About the same n Somewhat/Much worsen Very/Somewhat positive n Neutral n Somewhat/Very negativeINVESTOR CONFIDENCE IN ABILITY TO ACHIEV

11、E FINANCIAL GOALS (%of investors)n Very/Somewhat confident n Not too/Not at all confidentA CHALLENGING TIME May 2021 Nov 2021 Aug 2022 May 2021 Nov 2021 Aug 2022 May 2021 Nov 2021 Aug 20224|BROADRIDGE|Table of Contents Nearly two-thirds of investors work with a financial advisor.While fewer of these

12、 investors report being“very satisfied”with their advisors than in prior surveys (not a surprise in a down market),nearly all of them report some level of satisfaction.FINANCIAL ADVISORS REMAIN A CRITICAL RESOURCE During this challenging period,there has been an increase in the percentage of investo

13、rs who express a desire to start an advisor relationship.Likelihood is highest among Millennials and Gen X.Why turn to an advisor?Top reasons advisor-less investors would use an FA in the next two years:a chance for better investment performance(52%)and peace of mind/reducing financial stress(41%).S

14、ATISFACTION WITH FINANCIAL ADVISOR (%of investors)May 2021 Nov 2021 Aug 2022Total satisfiedVery satisfied7070%6565%5757%9696%9797%9595%LIKELIHOOD TO USE AN FA IN NEXT TWO YEARS OVERALL (%of investors very/somewhat likely to use)May 2021 Nov 2021 Aug 20224343%4444%4848%Millennials Gen X Boomer/Silent

15、 n Very/Somewhat likelyn Not too/Not at all likely6060%6868%3737%4040%3232%6363%LIKELIHOOD TO USE AN FA IN NEXT TWO YEARS BY GENERATION (%of investors)HOLISTIC FINANCIAL PLANS MAKE A DIFFERENCEInvestors who have a formal,written financial plan are significantly more likely to be“very satisfied”with

16、their advisors.They also have a higher degree of confidence in their ability to achieve their financial goals.Asset managers who provide products,insights and materials to support robust,personalized planning can help advisors boost investor retention and practice growth.n Formal Plan n No Plan PERC

17、ENT OF INVESTORS WHO ARE VERY CONFIDENT4410PERCENT OF INVESTORS WHO ARE VERY SATISFIED 6753n Formal Plan n No Plan“Advice is still a growth business.”Matthew Schiffman Principal,Distribution Insight Broadridge Financial SolutionsBase:Does not work with a financial advisorBase:Does not work with a fi

18、nancial advisor5|BROADRIDGE|Table of Contents To effectively support FAs and their clients,personalization is key.Asset managers can strengthen their advisor relationships by addressing individual needs in a variety of ways.Leaders in the asset manager community see new delivery vehicles and data-dr

19、iven distribution as the largest opportunities to compete through 2027.They cite greater personalization as the most disruptive trend over the same period.A diversified product set The right digital/in-person balanceData-driven engagementMOST DISRUPTIVE TRENDS IN U.S.RETAIL ASSET MANAGEMENT THROUGH

20、2027(%of respondents)PersonalizationPrivate markets 4343%4040%5757%LARGEST OPPORTUNITIES TO COMPETE IN U.S.RETAIL ASSET MANAGEMENT THROUGH 2027(%of respondents)New delivery vehiclesData-driven distribution 5555%5757%KEY ACTIONS ASSET MANAGERS MUST TAKE 8%6%11%17%20%38%8%6%11%18%21%36%OtherActive sem

21、i-transparent or non-transparent ETFsIndex mutual fundsIndividual securitiesPassive ETFsActively managed mutual funds6|BROADRIDGE|Table of Contents Faced with fee pressure and investors desire for more holistic advice,advisors are expanding their solution sets.Expanding product set for a more holist

22、ic approachSMAs and model portfolios continue to gain traction Usage of SMAs and models is expected to continue to grow as FAs increasingly outsource investment management,shifting their focus to client engagement and acquisition.SMAs (%of advisors using)Q3 2022 Q3 2024 expected6969%7272%MODELS OUTS

23、OURCED (%of advisors using)Q3 2022 Q3 2024 expected6565%6969%Even faced with the market declines of the last 12 months,advisors report that model portfolios are meeting/exceeding expectations.ETFs prove their staying power These low-cost,tax-efficient building blocks continue to capture share from m

24、utual funds.Their growth has been propelled largely by their use in model portfolios.AVERAGE PERCENT OF AUM BY PRODUCT Q1 2022 Q3 2022ALLOCATION CHANGE EXPECTED OVER THE NEXT TWO YEARS(%of advisors planning to increase or decrease usage as of Q3 2022)Separately managed accountsPassive ETFs Active se

25、mi-transparent/non-transparent ETFsIndividual securities Actively managed mutual fundsIndex mutual funds 5%9%9%19%22%17%40%32%27%20%18%16%+35%+23%+18%+1%4%1%Net differenceIncreaseDecrease1MODEL PORTFOLIO PERFORMANCE DURING MARKET DECLINES OF THE PAST 12 MONTHSFell short of expectations1919%Exceeded

26、expectations1818%Met expectations6262%Base:Use model portfolios Numbers may not add to 100%due to rounding.7|BROADRIDGE|Table of Contents It is still early days for direct indexing:Advisors report a low degree of familiarity and use.However,specialized investor interests and access to fractional sha

27、res may make direct indexing increasingly attractive.Whether or not asset managers choose to offer direct indexing,they can add value by providing the insight and education required.Seeking diversification,more FAs are turning to alternative investments including private funds.Usage is expected to r

28、ise further over the next two years.Stay about the same4646%USE PRIVATE FUNDS/ALTS IN NEXT TWO YEARS (%of advisors)Increase5252%Decrease2 2%5151%5656%5959%6767%USE PRIVATE FUNDS/ALTS (%of advisors)Q1 2021 Q3 2021 Q1 2022 Q3 2022A fraction(15%)of advisors is dissatisfied with private fund/alternative

29、 investments products and resources.“Not enough options”is the most cited reason for their dissatisfaction.1515%ADVISOR AWARENESS AND FAMILIARITY WITH DIRECT/CUSTOM INDEXING (%of advisors)15%40%32%12%Not awareAware but not familiarSomewhat familiarVery familiar Q3 2022HAVE USED/CONSIDERED USING DIRE

30、CT/CUSTOM INDEXING WITH CLIENTS (%of advisors)32%45%7%16%I have not used it and am not considering itI have not used it but am considering itI am not currently using it but have in the pastI am currently using it Q3 2022Direct indexing:An untapped opportunity?Alternative investments on the riseBase:

31、Advisors who are aware of direct indexingBase:Currently use private funds/alts8|BROADRIDGE|Table of Contents ESG represents a small share of investments.However,awareness,familiarity and appeal of ESG are up considerably since November 2021.This is another opportunity for personalized discussion and

32、 product selection according to investor ESG preferences.MAY 2021 NOV 2021 AUG 2022ESG APPEAL TRENDS (%of investors)Net appealingVery appealing1515%1414%1919%6262%6262%7070%While ESG appeals to a higher percentage of Millennials and Gen X,nearly two-thirds of Boomers now also report it to be appeali

33、ng.ESG is a topic that matters to financial advisors clients.One-third of investors report discussing ESG with an FA while an additional 27%would like to do so.DISCUSSED RESPONSIBLE/ESG INVESTING WITH FINANCIAL ADVISOR (%of investors)2222%No and aware of ESG4545%Yes,have discussed ESG3333%No and not

34、 aware of ESGYes6161%No3939%INTERESTED IN FINANCIAL ADVISOR DISCUSSING RESPONSIBLE/ESG INVESTING (%of investors)“E”MATTERS MOST Advisors and investors are most focused on the“E”(environmental)aspect of ESG.ESG:An important conversationBase:Aware of ESG and have not discussed ESG with financial advis

35、orBase:Has a financial advisor29|BROADRIDGE|Table of Contents Comfort with digital engagement and technologies accelerated during the pandemic.Many advisors are now optimistic about the return of in-person interactions and industry events,yet envision an enduring place for virtual engagement.Asset m

36、anagers must incorporate this new hybrid engagement reality into their distribution strategy.Engagement:The new hybrid reality More specifically,FAs prefer a mix of in-person and virtual engagement with external wholesalers.Three in 10 want wholesaler engagement to be mostly or completely virtual.Wh

37、olesalers will benefit from tailoring their approach to advisor preferences,perfecting the different skillsets required for more effective virtual interaction.EXPECTATIONS FOR FORMAL CLIENT MEETINGS A YEAR FROM NOW (%of advisors)PERCENT OF ADVISORS GOING BACK TO IN-PERSON INDUSTRY CONFERENCES/EVENTS

38、 IN NEXT 12 MONTHS(%Attending industry conferences/events pre-pandemic)Yes6868%Not sure2626%6 6%NoMostly virtual1616%4040%Mostly in-personEqual combination of virtual and in-person4444%HOW ADVISORS IDEALLY WANT TO ENGAGE WITH EXTERNAL WHOLESALERS(%of advisors)All virtualMostly virtualEqual mix of in

39、-person and virtualMostly in-personAll in-person 7%22%42%25%4%Base:Interact with external wholesalers10|BROADRIDGE|Table of Contents Asset managers have ample data with which to gain a competitive edge:scoring prospects,suggesting best next actions and optimizing client journeys.The challenge lies i

40、n putting that data to work.Among asset managers,advisor segmentation is the most frequently reported data and analytics priority.With the right data capabilities,asset managers can drive personalized advisor experiences that directly address product usage,channel preferences,demographics and more.D

41、ata-driven personalization 3DISTRIBUTION DATA&ANALYTICS PRIORITIES THROUGH 2024(%of respondents:Each respondent permitted two answers)4343%Marketing engagement3333%Data architecture5050%Advisor segmentation2929%Management dashboards11|BROADRIDGE|Table of Contents EXPLORE THE BROADRIDGE DISTRIBUTION

42、INSIGHT PLATFORMSee the whole picture.Home to analytics,data and insights covering retail and institutional distribution across every geography and every vantage point.To gain an edge with financial advisors,asset managers must provide tools for effective,personalized interaction.Use timely,highly a

43、ccurate data for:Developing the right educational content.Charting key trends.Selecting the right products.Developing personalized financial plans.The demand for advice is alive and welland increasingly personal.Asset managers who effectively embrace this trend will forge more powerful relationships

44、 with their advisor clients.For more insights,contact Matthew.SchiffmanB or visit us online Leverage technologies and education that:Bring accuracy,efficiency and relevance to engagement.Attract and retain clients.Exceed investor expectations.ASSET MANAGERS:ADDING VALUE“Its no longer a one-size-fits

45、-all world.Asset managers who can flex to delivering personalized solutions and interactions stand to gain more ground going forward.”Andrew Guillette,VP,Global Insights,BroadridgeREGISTER FOR FREE 2022 Broadridge Financial Solutions,Inc.,Broadridge and the Broadridgelogo are registered trademarks o

46、f Broadridge Financial Solutions,Inc.AM_00547_EB_22Broadridge Financial Solutions(NYSE:BR),a global Fintech leader with$5 billion in revenues,provides the critical infrastructure that powers investing,corporate governance,and communications to enable better financial lives.We deliver technology-driv

47、en solutions that drive digital transformation for banks,broker-dealers,asset and wealth managers and public companies.Broadridges infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world.Our technology and operations platforms underpin the daily trading of more than U.S.$9 trillion of equities,fixed income and other securities globally.BTo scan,simply open the camera app on your mobile device and point the camera at the QR code.