About this time last year, Vanguard introduced our paper The evolution of Vanguard Adviser’s Alpha®: From portfolios to people in the United States. It explored our vision of the future of advice, and what advisers need to do in order to remain relevant and profitable.
One of the more interesting (and controversial) findings of the paper was that clients don’t care about portfolio returns as much as advisers tend to think they do. In fact, our research found that while advisers consistently ranked strong portfolio performance as a top client demand, clients said it was only about half as important as the quality of the client/adviser relationship, as measured by why clients left their previous adviser.
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