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While three-quarters of U.S. small businesses want to receive financial advice from their bank, most do not receive the kind of comprehensive advice that would help a small business grow, according to a recent study from J.D. Power.

Small businesses that do receive comprehensive advice have higher overall satisfaction with their bank compared to other businesses, according to the J.D. Power 2022 U.S. Small Business Banking Satisfaction Study. The study also found a need for financial advice, with half of small businesses now considered financially unhealthy.

“Small business owners are staring down an increasingly ominous set of challenges that include everything from lingering supply chain issues to inflation to a talent scarcity, and they are looking to their banks for guidance on things like available credit, tips to reduce fees and technology that can benefit their businesses,” Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in a statement. “This scenario presents an enormous opportunity for banks to deliver comprehensive advice that takes into account a full understanding of the company’s business goals and shows real, committed partnership. Right now, most small business banking customers are receiving only transactional advice or are receiving no advice at all from their bank.”

The 2022 study included responses from 6,855 small business owners or financial decision-makers at small businesses that use business banking services. The study ran from May through August.

Small business financial health was measured by combining timeliness of paying bills, cash reserve, credit worthiness and safety net items, including insurance coverage, with businesses placed on a continuum from healthy to vulnerable.

The study found that 50 percent of small business banking customers are classified as financially healthy, with 25 percent considered cash- or capital-constrained and another 25 percent called financially vulnerable.

Some of the biggest factors influencing the financial health of small businesses include inflation, supply chain disruptions and talent retention and acquisition.

Top areas where small businesses wanted advice from banks included guidance on ways to reduce banking fees, tips to help improve the business’s financial situation, and understanding how the bank’s technology can benefit the business.

J.D. Power evaluates the small business banking advice as transactional, constructive or comprehensive based on the bank relationship manager’s overall responsiveness, understanding of the client’s business and how the bank fulfills the roles of a trusted advisor and partner.

The study found that 15 percent of small business banking customers receive comprehensive advice, while 27 percent receive constructive advice and 58 percent get transactional advice. Overall customer satisfaction among customers who received comprehensive advice was 858 on a 1,000-point scale, while those who received constructive advice had satisfaction that was 82 points lower and those with transactional advice had satisfaction that was 195 points lower.

“The biggest factors influencing small business banking customer satisfaction are trust and people, both areas where bank relationship managers play a key role of explaining fee structures, resolving problems and providing advice,” J.D. Power said. “In the eyes of small businesses, bank relationship managers who provide operational advice fulfill these roles but fall short of being viewed as a partner who acts with the company’s long-term interests in mind and helps the company grow.”

Citi ranked highest nationally in small business banking customer satisfaction with a score of 706, followed by Capital One with a score of 701 and Union Bank with a score of 691.