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Financial Planning Research Roundup: June 2021

Cara Woodland July 2, 2021

financial planning research

The wealth management industry was put to the test in 2020. The pandemic impacted operations in a way that could have never been predicted. Since then, digitization has accelerated, clients want more control, and the business model for advice has proven resilient. These trends and more shape what comes next in financial services.

1. The Value of Personal Advice: Wealth Management Through the Pandemic – McKinsey & Company

Through 2020, wealth management business models proved remarkably resilient. While the number of new clients added per advisor dipped, client retention was record-high, as was asset and revenue growth per advisor, though the latter was primarily driven by market performance. McKinsey & Company offers an interesting look at the wealth management industry through the pandemic here.

2. The Quest for Equilibrium Between Wealth Managers and Asset Managers – Money Management Institute and Fuse Research Network

The wealth management and asset management industries are deeply intertwined, sharing essentially the same client base. Consolidation, rising costs, portfolio construction—long-term trends impact the balance of power between both industries. This report from MMI and Fuse Research Network explores these trends and more.

3. The Cerulli Edge: U.S. Asset and Wealth Management Edition – June 2021, Issue #286 – Cerulli Associates

The pandemic has prompted more client desire for control over their own investments. This desire is inversely correlated with age, however, with just 10 percent of those 70 and older wanting control and 60 percent of those under 30 wanting control. It’s becoming clear that a key to long-term relationships is offering a way for clients to feel connected with their assets. Read this and more from the Cerulli Edge.

4. The ROI of Financial Planning Software – eMoney

eMoney recently surveyed a group of users to gauge the ROI of financial planning software, including how quickly ROI is realized and which areas of the business saw the most benefits. Results showed that 50 percent saw ROI in less than six months, and users most frequently listed three primary benefits that led to ROI: improved client satisfaction and engagement, enhanced business processes and efficiency, and an increased ability to attract new clients. You can read more about the results here.

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.