Financial Planning: Fueling Client and Business Growth
October 23, 2024
Assess growing investor demand for financial planning and explore best practices for aiding advisors in their path toward an advice-oriented service model.
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New research from Cerulli Associates, issued in partnership with Osaic, finds financial advisory practices that incorporate comprehensive wealth management and planning services see stickier client relationships, upmarket growth, and manage wealthier clients. Use this white paper to assess investor demand for financial planning and explore best practices for aiding advisors in their path toward an advice-oriented service model.
Key Insights Covered
Rising Demand for Planning Among Investors
More than 53% of retail investors believe it is important to have a written financial plan. Yet, only 22% of advisors are charging for planning services, even though these services provide a more balanced picture of a client’s needs—from retirement to estate planning and more.
Increased Differentiation Compared to Investment Planner Advisor Practices
With client demand for financial planning increasing and the majority of retail investors considering a financial advisor's planning-related services an extremely important factor, the service offering provides an opportunity for advisors to differentiate their practice beyond investment performance.
The Pathway to Comprehensive Financial Advice
Taking the steps necessary to transition from an investment-management-oriented service model toward an advice-oriented service model will not be without challenges for many practices; however, our research indicates the benefits may be worth the effort as investor demand for the service grows.
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SUBJECT MATTER EXPERTS
Meet Our Research Team
Andrew Blake
Associate Director
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Andrew Blake
Associate Director
Andrew is an Associate Director in the Wealth Management practice. He specializes in asset manager distribution strategies for products sold through financial advisors and is the author of The Cerulli Report—U.S. Intermediary Distribution. Before joining Cerulli Associates, he gained distribution experience at several firms, including Manulife John Hancock Investments. He also authored The Cerulli Report—U.S. Advisor Metrics, which explores trends in advisor practices, such as the use of investment products, client relationships, fees charged, and service offerings.
In his role, Andrew is also responsible for various strategic consulting engagements, focusing on key areas such as growth strategies, practice management, service expansion, M&A due diligence, product development, and distribution strategies.
Full biography here.
Stephen Caruso
Associate Director
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Stephen Caruso
Associate Director
Stephen is a Associate Director in the Wealth Management practice where he leads research into the registered investment advisor (RIA) channels. As part of his research, he is the author of Cerulli’s U.S. RIA Marketplace report and has written on topics including private equity investment in RIAs and the role staff play in RIAs’ pursuit of scale.
Full biography here.
Asher Cheses
Director
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Asher Cheses
Director
Asher is a Director in the Wealth Management practice, specializing in research and consulting related to high-net-worth investors and advisory firms, including multi-family offices, RIAs, broker/dealers, private banks, and trust companies. As the co-head of Cerulli’s Wealth Management practice, Asher leads a team of analysts dedicated to developing data and insights to support Cerulli’s published research and consulting business. In his role, Asher is also responsible for leading various strategic consulting engagements, focusing on key areas including growth strategies, practice management, service expansion, M&A due diligence, product development, and distribution strategies.
Full biography here.
Michael Rose, MST
Director
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Michael Rose, MST
Director
Michael is a Director and co-head of Cerulli’s Wealth Management practice where he leads a team of analysts dedicated to developing data and insights to support Cerulli’s published research and consulting business. Michael specializes in research and consulting related to the delivery of wealth management services by broker/dealers in addition to wealth management technology utilized across all channels and he is the lead author of Cerulli’s Broker/Dealer Marketplace report and State of U.S. Wealth Management technology reports. Michael regularly engages with key constituents across the wealth management ecosystem, including financial advisors, wealth management firms, asset management firms, and technology providers, in order to measure key market characteristics and to advise executives.
Prior to joining Cerulli, Michael spent eight years working as a financial advisor, providing comprehensive wealth management services to high-net-worth individuals and families. Prior to his role as a financial advisor, Michael served as a market researcher and consultant for IDC, where he was responsible for researching trends within the infrastructure software marketplace and advising senior business executives on technology and product strategy.
Full biography here.
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