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Financial Planning Research Roundup: August 2022

Cara Woodland September 1, 2022

financial planning research August 2022

New clients with different priorities are changing the advice landscape at the same time that digitization is creating entirely new opportunities. The latest research from around the industry shows that firms are searching for the right service model to carry their business into the future, especially in regard to offering holistic financial planning at scale.

1. Digital Client Onboarding in Wealth Management: State of Play – Aite

The onboarding of wealthy clients remains a difficult and manual task for most financial professionals. It stands out as a perpetual pain point in an age of digitization. But there is a roadmap for financial professionals to streamline and digitize the onboarding process. Learn more in a recent report from Aite.

2. The 2022 RIA Benchmarking Study – Charles Schwab

The annual benchmarking study from Charles Schwab details an industry that’s rapidly expanding with a number of new opportunities on the horizon. They report AUM up 19.5 percent over last year, revenue 23.2 percent higher than last year, and the number of clients up 6.2 percent for all firms. Access their full report here.

3. In a New World: Time for Wealth Management Firms to Shift Course – Bain & Company

Emerging customers with new priorities are changing the wealth management industry. To keep pace, Bain & Company has identified three new business models to serve new clients: the integrated platform provider, the customer acquisition specialist, and the specialist provider. Learn more by reading the report here.

4. Wealth Management Digitalization Changes Client Advisory More Than Ever Before – Deloitte

Client-centricity is the key to remaining competitive in the future of financial advice, according to a recent report from Deloitte. They take a close look at the most innovative companies in the wealth management space to pull out actionable advice for firms today. See their findings here.

5. The State of Holistic Financial Planning Today – eMoney Advisor

Ninety-two percent of firms today say they are holistic planners, however, only 46 percent of firms met our criteria of true holistic planners. Those who are offering holistic plans have found ways to solve common inefficiencies, engaging clients at scale with a broad range of services, and charging a premium for their advice. Learn about our holistic planning research here.

Be sure to stay tuned for next month’s financial planning research roundup!

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

About the Author

Cara Woodland is the Director of User Experience Research at eMoney. She helps the organization understand the wealth, financial advisor and financial technology marketplace in order help them be more customer centric in their decision making. She focuses on research related to customer experience, marketing, branding, new products and competitive intelligence. Prior to joining eMoney Advisor, Cara spent over 10 years consulting with Fortune 500 companies in market research, innovation and product development. In addition, she also has practical client-side experience within the finance and banking industry in developing marketing, front-end innovation and customer engagement programs. Cara graduated with a degree in Marketing Management from Virginia Tech and is a Certified Financial Marketing Professional. In addition, she is a frequent speaker and author on the topics of innovation, market research, creativity, communication and marketing strategy for colleges, professional associations and corporations.

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Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.