Financial Advisors Accelerate Shift to Holistic Financial Planning, Receptive to Support From Asset Managers and Technology, According to New Broadridge Survey

Financial Advisors Accelerate Shift to Holistic Financial Planning, Receptive to Support From Asset Managers and Technology, According to New Broadridge Survey

 Broadridge Financial Solutions, a global Fintech leader, released results from a survey of over 300 financial advisors, revealing that financial advisors are accelerating the transition of their business models to offer more holistic financial wellness services.

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Fifty-one percent of surveyed advisors stated that there will be an increased focus on holistic financial planning within their practices moving forward. Younger advisors (under 40) are four times more likely than older advisors (over 55) to believe that the main value they provide to clients is holistic financial planning.

As advisors aim to meet increasing investor demand for financial planning, survey respondents also expect to move toward a team structure as opposed to working in solo practices. In three years, nearly 8 out of 10 advisors expect to be part of a team. The survey also revealed that the number of advisors with 75% or more fee-based assets under management (AUM) will increase from 51% to 67% over the next three years.

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“While we surveyed advisors prior to widespread quarantining, our perspective is that the current global environment has intensified pre-existing trends. As advisors accelerate the move to holistic planning in part due to this, they need two things: a digital-first mindset and broad support from asset managers,” said Matthew Schiffman, Principal of Distribution Insight at Broadridge Financial Solutions. “For the latter, the onus is on asset managers to address advisor and ultimately investor concerns – particularly ones that are exacerbated by the global crisis we are in. For the former, there is simply no longer a choice. The industry has been inching toward digital distribution of content and communication for some time, and overnight, we stopped inching and took the full leap.”

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