eMoney Advisor Unveils New Research Focused on Bridging the Gap Between Financial Advisors and Americans During Day 1 of Annual Summit

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.

• Only 23% of advisors said they were “extremely comfortable” discussing personal topics with clients like serious illness.
• Less than one in five (18%) advisors reported that they were “extremely comfortable” discussing divorce planning and discussions around premarital planning with their clients.

How Do End-Clients Want Their Financial Planner to Engage with Them?

The research showed end-clients valued the following:

• Help in identifying discrepancies (39%)
• Exposing them to new ideas and different opinions (34%)
• General encouragement through education and understanding (28%)
• Understanding their financial anxiety, beliefs, and behaviour (28%)

Where Do Advisors and End-Clients Align?

 55% of advisors said personalization was “very important” to them.

• 72% of consumers reported “understanding their financial stress” as one of the most important considerations for personalizing the financial planning process. Also, being actively engaged (60%) and using easy-to-understand language (60%) were ranked high on their list of priorities.

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/.

Media Contact
Laura Tyther
5W Public Relations
(332) 237-6222
ltyther@5wpr.com

[i] Building The Bridge: The Support System, October 2022