U.S. Retail Investor Advice Relationships 2023

Client-Centric Engagement

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

Affluent Investors Turn to Advisors for Customized Solutions

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.

Cerulli estimates U.S. investors account for more than $55 trillion in total financial assets, down from $65 trillion a year earlier while also knocking roughly 300,000 households out of the high-net-worth population. Though nonfinancial assets continue to tick upward due to housing market growth, this has also slowed as high interest rates weigh on the demand for housing.

As the mass affluent grow increasingly focused on asset preservation, Cerulli’s research has documented an increased appetite for financial advice as well as a willingness to pay for it. Over the past year, the Advisor-Reliant category of investors has exhibited notable growth, increasing from 36% to 41% of affluent investors as Self-Directed investors and Advice Seekers seek to connect with trusted advisors.

Prepare your business for increased demand for financial advice and invest in tools that enable customization, with our latest research, The Cerulli Report—U.S. Retail Investor Advice Relationships 2023: Client-Centric Engagement.

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