Advisors Think They Know What Matters. Do Clients Agree?
New research reveals a critical gap between what advisors think they’re doing and what clients are actually experiencing.
It’s no secret that the wealth management industry is going through a transformation. Technology is evolving, client expectations are changing, and the days of one-size-fits-all advice are long gone.
A new behavioral finance study just put hard numbers to something many have sensed for a while: advisors and clients are not on the same page.
The Trust Gap Is Real
The study surveyed over 1,000 financial planning clients and found that 74% feel their advisor doesn’t fully understand what matters most to them. That’s right! The professionals paid to help clients achieve their goals don't understand those goals, or the values that drive them…according to paying clients!
Surveyed advisors overwhelmingly believed they got this part right. The mismatch is where trust breaks down.
Financial Planning Isn’t Just Math. It’s Emotional.
When asked how they chose their advisor, clients weren’t focused on credentials or firm size.
The top three reasons?
Feeling heard and understood
A clear process for making decisions together
Shared values or a strong personal connection
And here’s the kicker: clients who reported a high sense of trust and alignment with their advisor were 3x more likely to refer them. That’s not just feel-good data, that’s business growth!
Where the Discovery Process Falls Short
A key takeaway? Many advisors are skipping or speeding through the parts of the discovery process that uncover what clients actually care about. Things like:
Personal and family values
Emotional experiences with money
Legacy goals and life priorities
These conversations are foundational. They happen before and during onboarding, and again and again, regularly, during the course of the advisor-client relationship.
In fact, the research showed that when advisors explored these topics deeply, client retention increased significantly, especially during periods of market volatility.
So, How Can Advisors Bridge the Gap?
This is the problem Knomee was built to solve.
Knomee helps financial advisors go beyond surface-level questions and build real connections with their clients faster and more meaningfully.
Here’s how:
Discovery That Feels Personal
Forget the generic intake forms and questionnaires. Knomee makes it easy, consistent, (and enjoyable) for clients to explore their personal values, goals, and priorities. It’s a guided experience that helps clients put their “why” into words. Discovery should be dynamic, with insights to deepen connections
Before the first strategy session even begins
During onboarding
In preparation for review meetings
During market volatility
When clients experience significant life events
With the broader household - across client generations
During advisor transition and succession planning
Behavioral Insights That Go Deeper
Knomee doesn’t just collect data, it surfaces meaningful conversation starters informed by real-time client emotions, desires, priorities, and concerns. By analyzing how clients think and feel about money, advisors get a clear, research-backed view of client motivations and readiness to take action. It’s like having an always-on behavioral finance PhD baked into your process.
A Common Language for Tough Conversations
When clients have the words to explain what they care about and advisors have a framework to respond, conversations get smoother, and decisions get easier. Knomee gives both sides the language to connect strategy with purpose, and purpose with behavior.
Always In Sync, Even as Life Changes
Priorities evolve. Circumstances shift. With Knomee, you’re never out of step with your clients. Every discovery conversation is captured and tracked over time giving you a dynamic record of what matters most, when it matters most. Effortlessly pick up where you left off and show up ready for what’s next.
Want to see how Knomee can help you connect deeper, earlier, and smarter with your clients?
👉 Book a demo
