Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Effects of Education on Financial Advisor-Client Relationships

Matthew S. Svendsen
Colorado State University

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Abstract
This research study will investigate the effect that advisor introduced financial education
has on the financial advisor-client relationship. Multiple educational outlets and their effects are
reviewed and studied. Through a survey of 23 financial advisors, opinions and experiences are
gathered to gain a better understanding of the attitudes toward educating clients in the finance
industry and the effect education has on pre-existing client relationships.

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Table of Contents
Title Page.1
Abstract2
Table of Contents.3
Introduction..5
Review of Literature6
Financial Advisor-Client Relationships...6
Client Education..7
Seminars...7
Appointment Marketing...8
Educational Effects on Prospects.8
Methods..10
Design and Procedure10
Participants.10
Instrument..11
Results12
Educational Outlets....13
Table 1...13
Advisor Outlook13
Reasons and Effects...14
Table 2...15
Table 3...16
Discussion......................................................................................................................................16

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Table of Contents (Cont.)

Conclusion.19
References..20
Appendix22

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Introduction
The purpose of this study is to examine the role personal finance education has on the
advisor-client relationship. While there has been myriad of research on personal finance
education as a marketing strategy to meet and convert prospects to clients and also on client
retention strategies, a gap remains in research on using education as a relationship building
strategy for current clients. Many high net worth clients hold outside assets away from any
given financial advisor. According to Mullen (250), Slightly more than one-quarter--26
percent- of millionaires have all their assets with one advisor; the higher the net worth, the lower
percentage of having only one advisor. With so many assets held away, strengthening
relationships with pre-existing clients is an integral strategy for increased production.
In the researchers professional experience of nine years working with financial advisors;
relationship building has always been an active part of the daily routine. Complete and robust
client education, however, has not always been part of that routine. With the recent advent of
firms geared toward self-directed financial management, there has been a noticeable trend of
client-directed finance education which may lead to a clients belief that the advisor is no longer
a necessary component of their financial picture.
The current research available does not address whether the education of clients leads to
strengthened relationships and client loyalty or if the adverse holds true and clients no longer feel
that an advisor is necessary. From the researchers field observations and the current lack of
research available, there is an apparent need to further examine the role that education has on
client-advisor relationships. Through further exploration of this role, financial firms and
advisors can make an informed decision on new strategies to be developed and implemented in
solidifying client relationships.

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Review of the Literature

Due to the financial implications in the worlds largest economy, there is little wonder
that so much research has been conducted on financial advisor-client relationships, client
retention, and educational prospecting events. Though many researchers and professionals agree
that relationship building is a vital part of successful client retention rates and that educational
events are effective in business growth, there is little research on the impact client personal
finance education has on the advisor-client relationship.
The importance of understanding the relationship that education has on a pre-existing
advisor-client relationship may lead to increased client retention rates, revenue, and job
satisfaction among financial advisors. Clients often expect to have conversations about money,
but rarely expect to converse about their lives with financial advisors (Bowler, 2015). The two,
however, can be tightly interwoven and the importance of educating clients on how one affects
the other may be worth a closer look.
Financial Advisor-Client Relationships
The relationship between a financial advisor and their client is one of the most important
aspects to client retention. According to recent findings by Cummings & James (2015), the
qualitative benefits, closely tied to psychological benefits of financial advice, are just as
important to client retention as the quantitative and easily identifiable monetary results a
financial advisor may achieve on behalf of the client. It can safely be assumed, then, that these
qualitative benefits should be highlighted by advisors to create an environment of trust,
compassion, and empathy. Levin (2014) stated, Relationships are expansive; they create
abundance. Trust, love, and belief are not depleting assets (p. 30). One of the difficulties in
defining these relationships with qualitative interpretations is the difference of opinion between

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

advisor and client on the definition of a good relationship (Cummings & James, 2015). There
are also gaps in defining what constitutes the severance of a relationship as there are varying
degrees to which working relationships may fluctuate. Moving some or all assets to another
advisor, moving more assets into the current advisors management, waning contact between
advisor and client, and poor management performance may all have an impact on the state of the
relationship or the increased gap in relationship definition of both advisor and client.
Client Education
Client, or consumer, education is currently a major marketing component for many
financial firms. Many different strategies are being employed to use consumer curiosity and
desire for personal finance knowledge to bring prospective clients to advisors. There are even
firms that exclusively use educational marketing as their main strategy. Deanna Purvis (2015),
an advisor for one such firm explains, We have turned our focus on consumer education into the
identity of our firmOur staff lives out our brand message: straight talk and clear strategies that
make sense of the financial world, serve financial futures, and contribute comfort and security to
our community (p. 26). With a sole focus on education as a growth model, there is little wonder
so many different styles of educational events and practices exist.
Seminars. Seminars are one of the most widely used events for asset gathering and
business growth in the financial sector. David Shelton (2015), a consultant for Stoke Bishop
Associates, explains that seminars can be effective in acquiring new clients because they are
direct and allow advisors to demonstrate expertise, demonstrate access to high level expertise
through speakers, or make people aware of financial issues that the advisor can help them with.
It is important to mention, however, that seminars may not reap immediate benefits to an advisor
but will often yield results as a relationship is built on a foundation of the education seminars

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

offer prospects and clients (Smith, 2015). Seminars tend to be smaller in size (anywhere from
ten to twenty prospective clients) allowing for a welcome and conversation prior to any
presentations. Because of their small size and wide variety of possible presentation styles,
seminars can take place almost anywhere.
Appointment Marketing. The most traditional strategy of educating clients or
prospective clients is through one-on-one appointments. This strategy allows clients or prospects
to look more closely at their personal financial situation with an advisor and ask direct, specific
questions for their own educational purposes and financial situations. Appointment marketing
also allows advisors to offer any information the prospect/client may not have been aware of or
thought of prior to the meeting. Further, it allows advisors to add value beyond offering products
and services by building more meaningful relationships that clients and prospects desire (Lewis,
2007). This strategy can also be used in appointment-flow marketing by setting appointments
between annual reviews with existing clients to show prospective clients the high demand of an
advisor and the depth of their relationships with clients (Brueckner, 2012).
Educational Effects on Prospects
In a highly competitive field where the number of clients and prospective clients are
limited, any method of turning prospects into clients must be worth the time and effort.
According to Silver (2006), when investors switch advisors, it is often due to a lack of
understanding of how their account is being handled, a lack of comprehension of the investment
process, or no knowledge of the products being recommended to them. Silver (2006) also cites
his experiences in happening upon new clients through acts of financial education in the form of
community service. The education Silver provided made his students recognize their need for
financial guidance. This realization can be a catalyst for many prospective clients to start asking

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

questions they may be unaware they have. Flaten (2006) explains, we bulletpoint certain
topics and ask questions that people nearing retirement are probably asking themselves anyway.
If the prospect feels he can learn from our seminar, he will accept our invitation for a nice dinner
and two hours of education (p. 64). Financial education has also been shown to lead to action
beyond thought and questioning. According to a recent report by Jariwala & Sharma (2013),
the financial education workshop series had the largest positive effect on those financial
behaviours that could easily and most readily be altered in the short run and mostly related to the
participants daily household financial management practices. It can also be concluded that the
participants have started to employ a more planned set of financial practices to enhance their
financial well-being (p. 252).
In summary, this literature shows that client relations are of the utmost importance to
client retention, education has been successfully used as a prospective client growth opportunity
and relationship builder, and education is also a call to action and thought provocation amongst
prospective clients. Because of this, it is the expectation of the researcher that advisor
introduced financial education has a positive effect on the pre-existing advisor-client
relationships. There remains, however, a gap in the literature about the effect of financial
education on pre-existing clients of financial advisors. The purpose of this study is to explore
the impact personal finance education has on advisor-client relationships. In stating this, the
following study will attempt to answer these research questions:
1

What types of educational outlets or facilitation, if any, have advisors used in the

2
3

financial education of their clients?

What fears, if any, do advisors have in clients becoming financially educated?
What are the reasons advisors are using, or not using, financial education with their
clients?

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

4

10

What effect does the introduction of financial education have on pre-existing advisorclient relationships?
Method

Design and Procedure

This study utilized a non-experimental survey to analyze the effect of financial advisor
introduced personal finance education on pre-existing advisor-client relationships. This design
and style of study was utilized to gain a better understanding of the feeling and experience of the
advisors experience with education and its effects on the relationships with their clients. A
qualitative approach offered a deeper understanding to these relationships than a quantitative
approach may have allowed for. The resulting answers are based on the experiences and
opinions of the participating advisors and, as such, the research design is qualitative in nature.
The design of the study is a compilation of those opinions expressed by participants through the
survey tool. Each advisor was emailed the survey instrument between March 21st and March
23rd of 2016 and responses were collected over the following ten days after the initial contact
was made.
Participants
Participants in this study included 23 financial advisors from Wells Fargo Advisors across
the greater Twin Cities area. All financial advisors are Series 7 licensed and comply with the
knowledge testing required by FINRA to obtain the aforementioned license. Industry experience
among the participating advisors ranges from 3 to 34 years. Participants included 18 males and 5
females between the ages of 28 and 67. The survey instrument was emailed to 124 financial
advisors across the Twin Cities area and the resulting respondents to that email make up the 23
participants in this study. All of the participants in this study were volunteers and submitted their

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

11

responses of their own free will and accord. All respondents were solicited through their work
email addresses after permissions were obtained from branch and regional managers.
Management reviewed the email draft to assure compliance with FINRA rules and regulations.
It is important to note that not all of the financial advisors solicited for inclusion participated in
this study.
Instrument
The instrument utilized in this study was a brief survey sent to all participants. For ease
of reply and consideration of a larger resulting participation base, the survey was distributed
through email. Consent to have results included in the study was presented as inherent in
responding to the survey and was included as an introduction to the survey questions, with
special note made to inform participants that their responses were completely voluntary and their
anonymity would be assured in the reporting of survey results. The purpose of the study and an
offering of the full research report and results were given to all participants in the introduction
and consent portion of the survey. The survey included four questions related to each financial
advisors personal experience with their clients financial education, the impact that education
has had on the advisor-client relationship, and the impact it has had on the conduction of and the
result to their business. Three of the questions were multiple-choice with a mark all that apply
instruction as well as an other (please explain) option. The fourth question required a short
answer. All questions pertained directly to personal experience or likelihood of future use
concerning financial education with clients (for full text of the emailed survey, please see
Appendix).

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12

Results
The researcher in this study surveyed 23 financial advisors in the Twin Cities Area
employed at Wells Fargo Advisors, LLC. This cross section of financial advisors was chosen
based on convenience sampling and is all of the resulting voluntary respondents to the mass
emailed survey aimed at gathering a random and diverse population of financial advisors. By
emailing the survey, more potential participants were reached than would have been accessible
via face-to-face interaction. All participants filled the survey out completely for a 100%
response rate of participating volunteers.
Through this survey, the researcher was able to gain a greater understanding of the
financial education approaches advisors take with their clients and was also able to more fully
understand the reasons these advisors have for their particular approaches and what they have
seen as a result of those approaches. There was also a heightened understanding of the hopes
and fears of financial advisors relating to the education of their clients. All of the
aforementioned findings helped to expand upon the effect that financial education has on the preexisting client-advisor relationship.
The researcher did all of the analysis of this survey manually using a constant
comparative method. Results were tallied into tables and similar responses were grouped
together in their respective categories. There were three main categories identified in the survey
data. All three were the focus of the research questions this study aimed to address and enhanced
the understanding of the effect of financial education on advisor-client relationships. These
categories include educational events and outlets used by financial advisors with their preexisting clients, feelings related to the financial education of clients, and the reasons and effects
financial education has on the advisor-client business and relationship.

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

13

Educational Outlets
In terms of educational outlets and types of financial education events, all participants
surveyed reported using at least one form of finance education with their clients (See Table 1 for
full results). Of the 23 participants, 96% reported using more than one form or style of education
event. One-on-one education and seminars were the most used styles with 83% and 74% of
advisors respectively reporting their usage of these outlets. Speakers and specialty events were
also used by a reported 61% and 48% of advisors respectively. The inclusion of an other
option with a request for explanation allowed advisors to self-report any other form or style of
financial education they use with clients that were not included in the survey questioning. 22%
of advisors reported using another style of financial education with their clients and each of those
respondents independently reported using a distribution of financial education materials and
literature via email and hardcopy delivery.
Table 1
Advisor Utilized Education Formats
Financial Education
Participating
Outlets
Advisor Usage
Seminars
17
Speakers
14
Specialty Events
11
One-on-One
19
Other*
5
*Financial literature distribution was the only reported
other option in each of the five responses for this option

Advisor Outlook
Another category identified by the survey was the outlook and feeling financial advisors
have towards the financial education of their clients. Specifics of educational topics related to
finance were not discussed in the survey and it should be addressed that some financial topics,
such as philanthropic planning according to Wyman, Scaife, and McDonald (2012), are rarely the
topic of financial education talks with clients. The survey did, however, yield a result of all 23

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14

financial advisors surveyed reporting positive views toward the financial education of their
clients. Direct questioning on the fear advisors may have associated with clients becoming
financially educated and independent resulted in an overwhelming response with answers
referring to the trust and strengthened relationships built through sharing education and
information with clients. Three advisors referenced the availability of information elsewhere and
made note of their fears in not educating clients thus allowing the opportunity for them to find
that education from another source, namely a competing advisor.
Reasons and Effects
The final category discerned from the survey is reasons financial advisors educate their
clients and the effects education has on their relationships/business. The researcher has
combined the third and fourth questions of the survey in this result because they align by
showing the reason for and the result of advisor initiated financial education. The reasons
reported by advisors for using financial education practices were multiple in all but one instance
with 96% of advisors claiming more than one reason for using educational practices with clients.
All three of the explicit reasons offered as choices to advisors (increased business, ease of
transaction and conversation through increased financial literacy, and altruism) received a high
percentage of reported motivation for use with 83%, 74%, and 78% of advisors respectively
claiming these as reasons for using financial education in pre-existing client relationships. Five
of the surveyed advisors offered three additional reasons for their practice of client education.
These reasons included regulatory requirement, building trust in the advisor-client relationship,
and demonstration of value (see table 2)
Table 2
Advisor-Introduced Education Reasoning
Reason for
Participating
Client Education
Advisor Response

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Increased Business
Ease of Transaction through
Financial Literacy
Altruistic Reasons
Other (see below for detailed)
-Regulatory Requirement
-Trust Building
-Demonstration of Value

15

19
17
18
7
2
3
1

The effects of financial education that advisors identified were a bit more varied than
their reasons for its use (see table 3). While the advisor-client relationships were reportedly
strengthened through financial education usage for 92% of advisors and 8% of advisors reporting
no change to their client relationships, business revenue was less affected. Just over half of the
advisors (52%) reported an increase in their business revenue as a result of financial education
use with clients. Of the remaining advisors, 43% reported no change and 5%, or one of the
surveyed advisors, saw a decrease in business. While the result was not as strong as the
relationship strengthening, several advisors noted that the strengthened relationship may
potentially lead to increased business in future dealings with those clients. The final effect
advisors were asked about was on client-initiated contact after their exposure to financial
education. 60% of advisors reported seeing an increase in the amount their clients reached out
after a financial education experience. The remaining 40% saw no change in this behavior. This
particular effect was also noted as a potential opportunity to increase business with clients.

Table 3
Effects of Client Financial Education
Client-Advisor
Relationship
Business
Revenue

Strengthened/Incr
eased

Weakened/Decrea
sed

Unchanged

21

12

10

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

Client
Initiated
Contact

14

16

Discussion
The purpose of this study was to explore the effects, if any, that advisor introduced
financial education has on pre-existing advisor-client relationships. It was predicted that
financial education would serve to strengthen the client-advisor relationship. In this study, it was
shown that financial advisors do, in fact, see a marked strengthening in their client relationships
when financial education occurs.
The findings in this study showed that the vast majority of financial advisors use at least
one type of educational outlet and often times more than one. It is no surprise that advisors
would use several techniques in distributing and disseminating financial education to their clients
as it is well known that people learn and respond differently to several styles of teaching. As
there are many different approaches to education and sales depending on the person, it stands to
reason that advisors would use a multi-layered approach. Much like Silver (2006) found,
varying styles of displaying the same information appeal to varying peoples.
In the exploration of advisors fears related to the education of their clients leading to
financial independence, it was found that there was none to speak of. According to the research,
it seems as though the advent of self-directed brokerage platforms has had little to no impact on
the use of client education among the surveyed advisors as they see their use of education and
improvement of client financial literacy as a relationship building tool and a demonstration of
their expertise in the field. It can be understood that advisors see their ability to show their own
knowledge base through financially educating clients more valuable than hoping their clients do
not become too independent. The strength of these relationships, then, may lie somewhere in the

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17

open and honest communication between client and advisor where both parties are able to fully
understand one another.
There were several reasons advisors gave for why they use education in their practice and
not surprisingly, increased business was the leading reason. With a high percentage of advisors
claiming altruism and ease of interaction due to financial literacy, it is the belief of the researcher
that both of these results are true but they may also be for the indirect purpose of increased
business. This is likely not overt, deceptive, or always the case, however, a strengthened client
understanding of the advisors intentions and increased trust in the advisor-client relationship
may lead to an increase in business. This can be supported by both the results advisors have seen
(increased business) and the expressed intent of 83% of advisors surveyed to use education as a
business-building tool. It should also be noted that the intention of client education may not be
for the increase of business in the short term but for the continuation of business over the long
term. The highest reported result, besides the use of education, was the strengthening of the
advisor-client relationship with 91% of advisors noting a stronger relationship with their clients
as a result of being a conduit for their financial education. The assumption can then be made that
strengthened relationships between advisors and clients will lead to a longer working relationship
resulting in continued business revenue.
There was a small surprise in the results in terms of the client initiated contact after
financial education takes place. 61% of participants noted an increase in the amount of contact
they received from clients. This may be due to a higher comfort level clients have after
becoming educated and the confidence it instills may make them more likely to ask questions or
offer suggestions about their investment strategies. There were, however, no advisors who
reported a decrease in the contact from their financially educated clients. With increased

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knowledge of their financial plan and strategy, there were some expectations from the researcher
that clients would feel more confident in their goals and the actions taken to meet those goals
negating worry and skepticism. This may, however, be attributed to a shortfall of the research in
the nature of the contact post client education.
While the research and survey were thorough in addressing and answering the initial
question of the effect advisor introduced financial education has on advisor-client relationships,
there were some questions and limitations that arose out of the data. The first limitation was a
result of the sampling. The only basis for participation was a response, but the inherent question
immediately becomes, Did some choose not to participate because of their non-use of client
education in their practice? A possible future study may be able to circumvent this issue by
making the educational component a small part of a larger survey so as not to negate those who
might immediately be turned off by the specificity of a non-applicable topic.
The next notable question raised by the research was regarding advisor outlook on
education. 100% of advisors reported a positive view on the education of their clients and no
fear in relation to their financial independence. With such a strong response, it may be worth
exploring whether the opposite holds true that advisors have a fear of not educating their clients.
With the reported use of education being so strong and the reported fear of educating clients
being non-existent, it may be an underlying fear of advisors that not educating clients becomes a
noticeable shortfall and the demonstration of knowledge, opportunity to build trust, and
ultimately the relationship will suffer as a result.
Finally, the study of the long term effects of education on business revenue would help to
alleviate questions relating to whether or not the strengthened relationships reported lead to
continued business via client retention. Because of the intangibles in relationships, this question

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could not be tested in a study of this scope. Limitations of time, sample size, and resources were
not able to give definitive answers to educational effects on bottom line revenue.
Conclusion
In conclusion, this study has shown that the introduction of finance education by financial
advisors has a positive effect on pre-existing advisor-client relationships. The previous research
has shown that the relationship between advisor and client is central to business revenue and
referral business. With this information, financial advisors should take the appropriate steps to
nurture, manage, grow, and strengthen their existing client relationships by any means at their
disposal.
The readily available tool and process of client financial education can be a useful
component of a financial advisory practice as shown in this study. With multiple outlets and
types of education available, financial advisors have several options to suit their clients
educational styles and needs. Though many options are in place for advisors to use education in
their practices, it may be worth further exploration to see if financial institutions and investment
firms can take steps to better prepare, assist, and encourage this vital component to advisor-client
relationship building. Education in the financial sector can and does lead to increased revenue
through the strengthened relationships it creates. As a result, the firms, institutions, and advisors
that will benefit from that education may want to consider the resources necessary to maximize
its potential.

References
Bowler, C. (2015). 5 relationship-building conversations to have with clients. Journal of
Financial Planning, 28(11), 23-25.

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20

Brueckner, T. K. (2012). Appointment-flow 'marketing'. Senior Market Advisor, 13(12), 30.

Cummings, B. F., & James III, R. N. (2015). Factors associated with getting and dropping
financial advisors among older adults: evidence from longitudinal data. Journal of
Financial Counseling & Planning, 25(2), 129-147.
Flaten, S. (2006). Use a client-driven approach with your seminars. Advisor Today, 101(1), 64.
Jariwala, H. V., & Sharma, M. S. (2013). Assessment of behavioural outcomes of financial
education workshops on financial behaviour of the participants: An experimental
study. Journal of Financial Services Marketing, 18(3), 241-256.
Levin, R. (2014). Stop impressing, and start relationship building. Journal of Financial
Planning, 27(12), 30-31.
Lewis, A. (2007). Pushing past the one-yard line. Advisor Today, 102(11), 70-71.
Mullen, D. J. (2010). The million-dollar financial advisor: Powerful lessons and proven
strategies from top producers. New York: American Management Association.
Purvis, D. (2015). Market your firm through consumer education. Journal of Financial
Planning, 28(7), 26-27.
Shelton, D. (2015). Setting up a seminar for new clients. Money Marketing, (1498), 47.
Silver, L. (2006). School's now in session. On Wall Street, 16(8), 59.
Smith, A. N. (2015). The value of face-to-face seminars. Money Marketing (Online Edition), 12.

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

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Wymer, W., Scaife, W., & McDonald, K. (2012). Financial planners and philanthropic planning.
Voluntas: International Journal of Voluntary & Nonprofit Organizations, 23(2), 350-370.
DOI:10.1007/s11266-011-9206-4

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Appendix
Copy of Research Survey Email
Hello all,
Im currently in graduate school at Colorado State University for my Master of Education in
Adult Education and Training and am working on a research paper studying the effect of
financial education on Advisor-Client relationships. I am currently collecting data on Advisors
experience with clients and financial education. The results will be completely anonymous and
your response/participation is 100% voluntary. If you would like, I would be happy to send a
copy of the final research paper to whomever would like one. Please read through the questions
below and in a reply email, respond by marking an X next to all applicable responses and
writing in any additional short answer or other responses. Thank you in advance for your help.
-Matt Svendsen
(1) What types of educational outlets or facilitation, if any, have you used in the financial
education of your clients (mark all that apply)?
-Seminars
-Speakers
-Specialty Events
-One-on-one education
-Other (explain)
(2) What fears, if any, do you have in clients becoming financially educated?
(3) If applicable, what are the reasons you are using financial education with your clients?
-Increased business
-Ease of transaction through financial literacy
-Altruism (Best interest of client)
-Other (explain)
(4) What effect does the introduction of financial education have on your pre-existing
advisor-client relationships?
-Stronger or Weaker relationships?
-Increased or Decreased business?
-Increased or Decreased client initiated contact
-Other (explain)

Running Head: FINANCE EDUCATION AND CLIENT RELATIONSHIPS

If you have any follow up questions, concerns, or reservations, please do not hesitate to bring
them to my attention and thank you again!

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