What does it take to be a successful advisor? It’s not just offering impressive returns or an extensive range of products anymore. In fact, your clients are likely ranking your interpersonal skills on the same level as your financial talents.

According to a new survey, forging a deeper relationship with an advisor that goes just beyond numbers is of particular importance to clients. As they approach retirement age, Baby Boomers especially are looking for their financial advisor to be a “retirement coach.” That means to better compete for clients and manage their assets, you can no longer be just a numbers-cruncher and a financial software wizard, you must also add cheerleader, psychologist and friendly confidant to your list of job descriptions.

As part of its annual “Across Generations” research, MainStay Investments, the retail arm of New York Life Investment Management, asked 1,500 affluent investors ages 27 to 83 what they value most in their financial advisors.

Groups were equally divided into different age brackets:

• Gen Xers,
• Early Baby Boomers born after 1956,
• Late Boomers, and
• Seniors.

One finding that applied to every group: they no longer want a numbers-based relationship. Overall, participants weighed intangible qualities such as knowledgeable advice and trust more heavily than financial returns.

More than 80 percent of them said these five attributes are what they are particularly looking for in a financial advisor:

1.  Customized Advice. Expertise and guidance ranked up there along with financial returns. They don’t want a one-size-fits-all approach, they want specific advice that is tailored to meet their needs.

2.  Trustworthiness. Based on the recent few years of investor scams, financial scandals, and shaky markets, clients are more concerned about who they invest their money with. They now demand that their advisors be trustworthy from the start and work to build trust throughout a relationship.

3.  Addressing Personal Needs. The end goal is no longer just generating double-digit returns on their investments. More and more clients have to care for aging parings, pay college tuition and save for retirement all at once. They’re looking for an advisor who can understand their personal situations, help them better balance the juggling and create a customized plan to address each concern individually.

4.  Managing Expectations. Investors expect their advisors to achieve above-average returns for them. At the same time, they realize that unrealistic goals won’t build a nest egg. What they want: a straightforward advisor who is honest and frank about client expectations but can still make them feel like they’re achieving their goals.

5.  Frequent Communication: Clients don’t want to be ignored or considered just as a certain amount of assets. They want to know their advisor will quickly get back to them with answers to their questions, as well as initiate communication. An advisor who demonstrates a thoughtful, genuine interest is more likely to have clients for the long term.

Some other findings:
More than half of investors surveyed said they seek an advisor’s help for more than just investment planning. Overall, 61 percent need assistance with retirement planning and 52 percent want help to generate income during retirement (the numbers for Boomers were 73 percent and 60 percent respectively). Clearly, the advisors who combine friendly relationships and service with excellent returns and financial planning will win over clients of all ages.

AdvisorMax asked 3 top advisors how they incorporate these attributes into their practices. Learn how they keep their clients happy.

Turn to AdvisorMax for all of your practice management needs. Sign up for a free membership to access thousands of tips and strategies from financial planning experts that save advisors time and make their businesses more efficient and profitable.