What Consumers Want
According to financial advisory consulting and research firm Herbers and Company, 90% of investors want their advisors to help with tax planning and 75% want retirement planning services. Yet just 73% of advisors are offering tax help and only 67% provide retirement planning.
Based on the survey data which was collected in 2023 from 1,600 consumers who had at least $250,000 in assets, this chart shows the services they want, ranked from most to least:
Yet data from the same study shows that these aren’t the services being offered. Based on the answers from 720+ advisory firms from small (those having just a couple of clients) to large (those having 23,476 clients), the chart below illustrates the disconnect:
For firms looking to expand, Herbers recommends starting at the top of the list and adding those capabilities that are most in demand.
“If an advisory firm really wants to grow, then we’re not going to tell them go out and build a niche. We’re going to tell them to go out and beef up their retirement planning services—and tell people what they do specifically in retirement planning. They need to be out there telling potential clients what they’re doing in tax planning or find partners to help them in that area.”
Let us know if we can help you add retirement planning to your list of services in order to help grow your business in 2024. Call us at 800.440.1088.
Source:
AJ Wolfe has 10 years of experience in the industry and has worked for some of the nation’s leading financial and retirement services firms.
