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Taking the Measure of Advice © 2022 Envestnet. All rights reserved. 6 Much of what clients are looking for fits neatly into traditional financial planning advice. And indeed, data from the most comprehensive survey of the wealth market—the Federal Reserve's Survey of Consumer Finances—indicates that growing numbers of households are consulting financial planners to get help with decisions regarding savings, investing, and borrowing (Figure 1). The percentage of U.S. households utilizing financial planners as one of their top three sources for help with decisions about savings and investing increased from 17% in 2007 to 22% in 2019; similarly, the percentage of households consulting financial planners as a top-three source for help with decisions about borrowing and credit rose from 7% in 2007 to over 9% in 2019. FIGURE 1: U.S. HOUSEHOLDS' USE OF FINANCIAL PLANNERS FOR INVESTMENT AND BORROWING ADVICE FINANCIAL PLANNING IS FOUNDATIONAL For advisors serving this new generation of clients, a financial planning approach must be foundational. Financial planning on its own, however, is insufficient. Younger generations' advice needs are broader than what traditional financial planning can deliver. Clients especially need help navigating the growing complexity of their daily financial lives, and this requires that advisors integrate into their overall financial 17% 22% 7% 9% 2007 2019 Decisions about savings and investment Decisions about borrowing or credit Source: Aite-Novarica Group analysis of the Federal Reserve's Survey of Consumer Finances Percentage of U.S. Households Utilizing Financial Planners as One of Their Top-Three Sources for Help With Making Financial Decisions, 2007 and 2019