Advisors Lack Holistic Planning Focus: 50% of Future Clients Will Demand It

A new report demonstrates that many advisors are unprepared to meet the changing demands of their clients, particularly with regards to holistic goal planning in wealth management. This will be among the top things that 50 percent of investors will look for when selecting an advisor by 2022.

Broadridge Financial Solutions, based in Lake Success, New York, and Philadelphia-based ESI ThoughtLab conducted a study on digital transformation in wealth management, and an alarming number — 43 percent — of financial advisors admitted that they are unprepared to shift their focus to holistic wealth management and goal planning activities. In many instances, age and traditional firm processes were cited as reasons for the lack of evolution.

This is a core requirement as artificial intelligence replaces many of the less-personal processes involved in planning, demanding that advisors step up their games to provide more value to clients. In fact, this report shows that the ability to offer holistic wealth management services will be among the top things that 50 percent of investors will look for when selecting an advisor by 2022.

Advisors, these statistics show that whatever your demographic, it’s time to be a leader and start transitioning your practice today, or risk getting pushed out of the market. Knowledge Bureau’s Executive Business Builder Program can give you the fundamental leadership skills that allow you to not only adapt, but lean into the changes required to keep your business competitive. Or, enroll in the Real Wealth Manager Designation program, for help in achieving the right credentials which gives you the tools to provide client-centric, goal-based, holistic wealth management services.

Then, take it one step further and join other business builders at the Executive Business Builder Retreat, where you will have the opportunity to refocus and redesign your business goals and passion statement, so you and your practice can through this transition and beyond. It’s a new offering at the Distinguished Advisor Conference taking place this November in Quebec City. The newly updated agenda for both events is available!

Additional educational resources:

At the Fall CE Summits, a session focused on building relationships in your knowledge-based process will also better prepare you to connect with clients and add personalized value to your services. Check out the agenda, and see the other ways the event – coming to four Canadian cities – will help you with strategic business planning. Knowledge Bureau’s Advanced Family Tax Preparation certificate course can also prepare you to mitigate the risks to your services posed by artificial intelligence.

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