Tuesday, January 19 at 2:00 p.m. ET Hear from Gregory Furer, CEO of Beratung Advisors, as he shares his method for building and presenting financial plans in a way that supports the type of client experience that helped Beratung grow their AUM by 500%.

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Financial Planning Research Roundup: December 2020

Cara Woodland January 5, 2021

Financial Planning Research

COVID-19 was an all-pervading force in the financial services industry in 2020, accelerating digital transformation and adoption in all aspects. As firms look to 2021 and beyond, the focus remains on using new technologies as a means for efficiency, security, engagement, and evolving the typical advice workflow.

Here’s a breakdown of some of the key insights in financial planning from the past month:

1. Top Wealth Management Trends: 2021 Edition–Celent

Celent believes the wealth management industry will face the ripple effects of COVID-19 in 2021 while cautiously increasing spending on nonessential projects. They believe that a broadening client base, the democratization of wealth management, and the implementation of new technologies to alter operating models will be the three major sources of change. You can access the report here.

2. 2021 Investment Management Outlook: Transforming to Thrive–Deloitte

Deloitte’s recent report takes a look at investment management firms’ 2021 priorities. Currently, firms say they still have work to do in developing agile back-to-the-workplace plans, including the communication of those plans. Further, technology spend is beginning to shift to technologies that promote cost savings, as well as the efficiency and security of digital interactions. Read more about the report here.

3. New Realities in Wealth Management: Growth Amplifies Prior to the Storm–Aite

Aite reports that despite challenges arisen from COVID-19, the wealth management industry has continued to grow in the first three quarters of 2020, with total client assets reaching $29.1 Trillion at the end of Q3. They also report a continued decline of commission-based revenue and an increase in fee-based revenue across the wealth management industry. You can access the report here.

4. U.S. Wealth Management Mobile App Satisfaction Study—J.D. Power

COVID-19 forced financial professionals and consumers across the country to conduct all facets of work and life at home. Financial advice went digital. A J.D. Power report shows that 36 percent of investors working with an advisor started using their advisor’s mobile app more frequently during the pandemic. However, satisfaction ratings with these mobile apps lag slightly behind those of other industries. You can access J.D. Power’s report here.

With 2020 behind us, 2021 is shaping up to be a year of change for financial professionals. Stay tuned for next month’s research roundup for a quick look at the most notable industry trends!

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 joined eMoney Advisor as Market Research Manager in October of 2018. 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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Webinar - Do More Planning: Building the Plans

Catch part 3 in the webinar series as Greg Furer, CFP®,CRPC®, CEO of Beratung Advisors, shares how to build and present plans in the same way that brought his firm 500% AUM growth. Tuesday, January 19, 2021 from 2:00 – 3:00 p.m. ET

REGISTER NOW
Webinar - Do More Planning: Building the Plans

Catch part 3 in the webinar series as Greg Furer, CFP®,CRPC®, CEO of Beratung Advisors, shares how to build and present plans in the same way that brought his firm 500% AUM growth. Tuesday, January 19, 2021 from 2:00 – 3:00 p.m. ET

REGISTER NOW

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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.