U.S. Retail Investor Advice Relationships 2022

Rethinking the Advice Continuum

Develop a Collaborative Engagement Process With Investors

  • Address the ongoing growth of self-managed accounts among investors across all advice orientations
  • Discover the variety of advice orientation choices that investors are making in pursuit of their long-term financial goals
  • Investigate the provider-client relationship, starting with client acquisition, progressing through advice delivery, investment management, and pricing and client retention strategies, and more


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Report Retail Investor Advice 2020 Detail

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Drew O'Hearn, CFP

Drew O'Hearn, CFP

Senior Director, Account Management


Explore affluent investors’ relationships with their financial advice providers. Understand investors’ criteria for selecting advisors and their preferences regarding ongoing communication, including the use of digital tools to augment traditional advisors. Fine-tune your value proposition to best address specific market segments.

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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

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A Note from the Author

Millennial and Generation Z Financial Wealth Jumped 25% in 2021

Scott Smith

Scott Smith


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Scott Smith

Scott Smith


With more than 20 years of financial services industry experience, Scott leads Cerulli’s research efforts focused on investor behavior and advisory relationships. In his time at Cerulli, he has authored more than two dozen in-depth reports on topics ranging from wholesale distribution to digital advice platforms. His research helps Cerulli’s clients understand how to optimize their platforms given the evolving demand for financial advice.

Scott started his career wearing a headset at Putnam Investments’ service center in 1996, before moving to more strategic roles at MFS Investment Management starting in 2000, and then to Cerulli in 2007. In addition, he currently serves as member of the CFP Board’s Digital Advice Working Group, and as a judge for the Industry Awards.

Full biography here.

Millennial and Generation Z financial wealth jumped significantly in 2021, from $2.9 trillion to $3.6 trillion, the most of any generational cohort. Providers—long accustomed to serving Boomers and Generation X— will need to focus on these younger households as they age and their financial pictures grow more complex.

The second-largest generational cohort but the smallest in terms of assets, Millennials and Generation Z have been able to grow their wealth in line with, or even better than, their older peers. This is due in part to Millennials seriously investing in retirement accounts and Generation Z dipping its toes in the investing water through brokerage platforms.

The cohort is making strides early on in their investment journey and are eager for comprehensive financial advice and willing to pay for it. Providers will need to make every effort to anticipate the evolving needs of each client to retain these investors long term. Using our latest report, U.S. Retail Investor Advice Relationships 2022: Rethinking the Advice Continuum, you will learn how and where providers can capture marketshare and add value to this growing market segment.

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