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 a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types.
Prior to joining Cerulli Associates, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has spent over a decade working with financial advisors and researching distribution best practices.
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 member of Cerulli’s Wealth Management practice, specializing in trends that impact high-end advisory firms and high-net-worth investors. In his role, Asher is responsible for leading various strategic consulting engagements within the wealth management practice, focusing on multi-family offices, RIAs, private banks, and trust companies.
Prior to joining Cerulli, Asher worked as an Investment Analyst at a Boston-based multi-family office, where he conducted fund due diligence and portfolio analysis for high-net-worth investors.
Full biography here.
Michael Rose, MST
Director
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Michael Rose, MST
Director
Michael is a director within Cerulli’s Wealth Management practice, where he researches key elements of the wealth management industry, with an emphasis on broker/dealers and wealth management technology. In this capacity, he regularly engages with constituents across the wealth management ecosystem, including retail investors, financial advisors, and executives within wealth management, asset management, and technology firms, in order to support Cerulli’s market research initiatives.
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 research analyst for IDC, where he was responsible for researching trends within the technology industry and advising senior business executives on product strategy.
Full biography here.
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