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Anchor client satisfaction to life outcomes & break free from the co-dependency with markets


A male financial advisor in a light purple circle looking at his phone in the bottom left corner and a female financial advisor in an orange circle looking at her phone in the top right corner, with the JD Power article in the middle

These sobering statistics come from a recent report by J.D. Power that we discussed in our latest episode of Into the Lumiverse, where Dennis Moseley-Williams, Tom Frisby, and Mark Akeroyd discuss some of the big financial advice industry trends.


Stat Chat

Graphic showing client satisfaction is down 17 points from a year ago in lockstep with market performance. The second stat is that only 11% of advisors offer comprehensive advice, while 47% offer goals based advice and 42% offer transactional advice. Third graphic shows 32% of clients do not feel their advisor makes recommendations in their best interest. The fourth graphic shows 29% of clients say they do not think their advisor understands their goals and needs.

The report looked into U.S. full-service investor satisfaction. The stats clearly show that the advisor-client value proposition is still dependent on market performance - which advisors have no control over.


In fact, we’re so reliant on market performance that almost a third of clients do not feel heard or cannot relate their financial plans and strategies to their personal goals, needs, and aspirations.


So, how do you break free from market performance and make your financial strategies relatable to clients so they feel heard, valued and their needs are met?


Don’t talk ALPHA. Talk about life! Make life outcomes the metric that matters, not the performance of their portfolio. Here are three tips to help you decouple your value from market performance.


An image of a daughter and her retired mother in a purple heart with a graphic showing Janice's wellbeing score is 80%

Tip 1: Assess their wellbeing

In your process, make sure there is a moment where clients can self-reflect on how they are feeling about life and their progress. This isn’t a right or wrong assessment but asking them questions about how they feel. Use this as a benchmark in your progress meetings and show how their wellbeing improves as you work with them.


We do this through our Your Life survey. This is a great tool to use right at the beginning of your relationship and before each progress meeting to get a snapshot of how your clients feel about life. It’s also a great tool to use during volatility, seeing how a client’s feelings change around specific areas of life. This can give you insight into where they might be stressed or what areas you can tackle proactively to help improve their overall wellbeing.


Tip 2: Track Life Outcomes

A female client in a red circle pointing at her to do goal - buy a place in the mountains to retire to. A male client stands next to this graphic pointing to the goal he is doing = have a budget to spend on nice things whilst not sacrificing retirement. Next to him is a female client celebrating that she has completed her goal of spending time with family or friends each month.

Keep track of everything you’ve helped clients achieve in life, whether it’s a financial goal or not. Ensure you note where financial empowerment has enabled clients to achieve their goals in other areas of life - i.e., by removing financial stress, your clients may have been able to invest more in social activities or nurturing their relationships.


Spend time in meetings reflecting with clients on these outcomes and keep them focused on the other goals they want to achieve. Keep their focus here rather than on the markets. Your clients will feel much more satisfied with your services, as it empowers them to tick life goals off their list regardless of what the markets are doing.


Top tip: You can upload videos and personal images into the Your Goals module. Make sure you encourage your clients to do just that, as it will make reviewing these goals much more personal and have a positive emotional impact.


A female financial advisor holding a speech bubble over the Lumiant Your Values module

Tip 3:

Repeat their words back to them

Ensure your clients feel heard and seen by capturing your incredible conversations with them and replaying them in their own words. Include quotes from your clients in their documentation and financial plans and, most importantly, capture the WHY behind the plan.


Visualizing these conversations and the underlying motivations gives you a valuable tool to refer back to in times of volatility, to keep your clients focused on their long-term objectives and the life they want to live. Even better, it’s their own words holding them to account.


Let us know your top tips on how to decouple your value proposition from market performance in the comments. Want to check out the full episode of Into The Lumiverse?


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