Boston, June 25, 2020 – For over two decades, the U.S. wealth management industry has been evolving toward financial planning, transitioning to advisory fees, and establishing deeper and ongoing relationships with clients. These deeper client relationships have helped advisors identify additional needs and goals of clients, and virtually all advisors have added some level of financial planning to their practice. However, adoption of financial planning by advisors is still fairly low across the marketplace, and the pandemic and associated financial crisis are having a dramatic impact on investors and advisors.

This report provides wealth management firms, broker-dealers, and financial advisors with a better understanding of the pre-COVID-19 attitudes, practices, and level of planning advisors provide to clients, and addresses key challenges and efforts required to increase financial planning adoption to meet client needs in a post-pandemic marketplace. It is based on an Aite Group online survey of 400 U.S. financial advisors, conducted from April through June 2019.

This 32-page Impact Report contains 17 figures and five tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Advicent/NaviPlan, AdvisorVision from Fiserv, Advizr from Orion, ASI/goalgamiPro, eMoney Advisor, Finance Logix, Financeware/Wealthcare, Goal Bridge/Morningstar, MoneyGuidePro, MoneyTree, Ortec Finance/OPAL, PlanPlus, PlantechHub, RightCapital, WealthStation/SunGard, and WealthTec.