The Evolving Future of Wealth Management
November 30, 2023
Demand for financial advice is growing and investors are increasingly satisfied with advice offerings.
Despite a seemingly unlimited array of information and tools designed to empower investors to take an active role in managing their own investments, the demand for hands-on advisors continues to increase. 63% of investors indicate a willingness to pay for advice, up from 38% in 2009.
Since 2009, the “advised” investor segment has grown from 35% to 47%, while those who consider themselves “self-directed” has fallen from 41% to just 24%.
This research, in partnership with the Securities Industry and Financial Markets Association (SIFMA), analyzes the factors that matter most to investors as they place greater reliance on financial advisors.
Use this Research to Explore
Drivers of Advice Demand and Satisfaction
Ongoing comprehensive financial planning allows advisors greater opportunity to assist investors on the way to achieving their financial goals.
What Investors Value in Advice Relationships
Transparency, pricing, and alignment are leading concerns of unadvised investors. Breadth of offering and human advisor access are central to the value of the advisory model.
The Future of Wealth Management
Investors seek personalized flexible investment implementation and management. Broad product and service options, along with cautious and thoughtful AI integration, will be critical to future growth.
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Research Author
Scott Smith
Senior Director
Bio →
Scott Smith
Senior Director
As the Senior Director of Advice Relationships, Scott leads Cerulli's coverage of fee-based managed accounts and investors' engagement preferences. With more than 25 years of wealth management experience, Scott adds valuable context and perspective in assisting Cerulli's clients with optimizing their advisors' and investors' platform experiences, given the evolving demand for financial advice.
During his tenure at Cerulli, Scott’s research and consulting work has covered the full spectrum of wealth management topics, from product development and wholesale distribution to portfolio management and comprehensive financial planning.
Full biography here.
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