New research identifies opportunities for advisors to engage with millions of U.S. households seeking human-centric, technology-supported financial advice
Radnor, Pa. – Oct. 17, 2022 – eMoney Advisor (eMoney), a leading provider of technology solutions and services that help people talk about money, today unveiled new research findings during the first day of the 2022 eMoney Summit, the industry’s premier event for planning-led financial professionals. Running for the ninth year, the three-day event is being held virtually through Wednesday, Oct. 19.
Following opening remarks from newly appointed eMoney CEO Susan McKenna, Head of Financial Planning Matt Schulte was joined by Dr. Emily Koochel, eMoney’s senior financial planning education consultant and co-author of The CFP Board’s The Psychology of Financial Planning, to present highlights of eMoney’s extensive research that inspired this year’s theme, “Bridging the Gap”.
The research identifies the top trends influencing the future of financial advice and the opportunity for advisors to better connect and engage with the potential 88 million U.S. households looking for financial planning services. A summary is below:
Disconnect Between What End-Clients Want and What Advisors Are Currently Offering
As part of a four-part research effort[i], eMoney surveyed advisors who were asked about their comfort level discussing personal topics. There was a steep decline from more traditional planning topics toward more difficult conversations.
How Do End-Clients Want Their Financial Planner to Engage with Them?
The research showed end-clients valued the following:
Where Do Advisors and End-Clients Align?
55% of advisors said personalization was “very important” to them.
What’s Needed to Bridge the Gap?
“Advisors can make the biggest impact in bridging the gap by providing end-clients with a greater sense of control over their finances. One of the main barriers to seeking financial help is people feeling vulnerable about expressing their level of financial knowledge and know- how. To be successful, advisors must deliver their insights in a way that is easy to understand and ensure that they normalize and encourage questions,” said Koochel.
“Technology is also key. Our research revealed that most end users want both a human and technology aspect to their planning and investment advice. Technology can enhance advisors’ offerings and support the process of building a comprehensive financial plan that’s ready for all of life’s twists and turns,” said Schulte.
Day one of the 2022 eMoney Summit also included the announcement of a new partnership with the Financial Behavior Keynote Group. The partnership will enable eMoney to leverage the group’s award-winning scholars, practitioners, and educators to ensure the business has a solid understanding of financial wellness and psychology and their place within the industry.
In addition to eMoney leadership, attendees heard from Trish Haskins, head of integration solutions at Fidelity Investments. Haskins shared insights on how advisory practices should take a structured approach to using technology to enhance the client experience and drive business growth.
The 2022 eMoney Summit is proudly sponsored by Fidelity Institutional, Allianz, Charles Schwab and Nationwide.
To view the Summit agenda, please visit emoneyadvisor.com/summit2022/agenda/.
About eMoney Advisor, LLC
eMoney Advisor, LLC (“eMoney”) provides technology solutions and services that help people talk about money. Rooted in comprehensive financial planning, eMoney’s solutions strengthen client relationships, streamline business operations, enhance business development and drive overall growth. 100,000 financial professionals across firms of all sizes use the eMoney platform to serve more than 5 million households throughout the U.S. For more information, please visit: emoneyadvisor.com.
5W Public Relations
[i] Building The Bridge: The Support System, October 2022