{"id":9932,"date":"2020-02-19T10:12:31","date_gmt":"2020-02-19T15:12:31","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=9932"},"modified":"2020-02-19T10:14:00","modified_gmt":"2020-02-19T15:14:00","slug":"researchwednesday-retaining-clients","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/researchwednesday-retaining-clients\/","title":{"rendered":"#ResearchWednesday: Retaining Clients"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9932\" class=\"elementor elementor-9932\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-ee9ade1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-eae-slider=\"84162\" data-id=\"ee9ade1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-41c7bf59\" data-eae-slider=\"50508\" data-id=\"41c7bf59\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f67eea1 elementor-widget elementor-widget-text-editor\" data-id=\"2f67eea1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The shift from traditional defined benefit plans to defined contribution plans has changed the personal financial planning landscape significantly. Today, many individuals look to financial professionals such as advisors for guidance on establishing financial goals, investing, and identifying the right financial products for protection against an uncertain future. The services offered by a financial advisor are valuable.<\/p><p>One area we expect financial advisors to thrive is money management. However, the dynamic movement of the financial market is often beyond the control of a financial advisor. So is the inevitable recession. A little more than a decade ago we experienced the worst financial crisis since the Great Depression. Within our study we wanted to examine the client-advisor relationship during the financial crisis happened from 2007 to 2009. Surprisingly, clients were not firing their financial advisors even though their wealth was decreasing. Also, many individuals who experienced an increase in income sought out the services of a financial advisor.<\/p><p>Our result implies that financial advisors should focus more on commutation and relationship management to retain clients.<\/p><p><strong>Guest Contributor:<\/strong> <em>Yuanshan Cheng, Winthrop University<\/em><\/p><p><a href=\"https:\/\/www.afcpe.org\/news-and-publications\/journal-of-financial-counseling-and-planning\/volume-30-2\/factors-associated-with-hiring-and-firing-financial-advisors-during-the-great-recession-2\/\">Read the full research: <\/a><em>Factors Associated With Hiring and Firing Financial Advisors During the Great Recession<\/em> from Cheng, Kalenkoski, and Gibson in the Journal of Financial Counseling &amp; Planning, Volume 30, Issue 2.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b3e2891\" data-eae-slider=\"3556\" data-id=\"b3e2891\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6af14c8 elementor-widget elementor-widget-image\" data-id=\"6af14c8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-19-1024x1024.png\" class=\"attachment-large size-large wp-image-9940\" alt=\"\" srcset=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-19-1024x1024.png 1024w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-19-300x300.png 300w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-19-150x150.png 150w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-19-768x768.png 768w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-19.png 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The shift from traditional defined benefit plans to defined contribution plans has changed the personal financial planning landscape significantly. Today, many individuals look to financial professionals such as advisors for guidance on establishing financial goals, investing, and identifying the right financial products for protection against an uncertain future. The services offered by a financial advisor are valuable. One area we [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":9940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[16,1],"tags":[],"class_list":["post-9932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-researchwednesday","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>#ResearchWednesday: Retaining Clients - AFCPE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/researchwednesday-retaining-clients\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"#ResearchWednesday: Retaining Clients - AFCPE\" \/>\n<meta property=\"og:description\" content=\"The shift from traditional defined benefit plans to defined contribution plans has changed the personal financial planning landscape significantly. 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