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3
Holistic planning: Bridging the gap
Holistic planning has been an ongoing conversation between advisors and clients,
but, unfortunately, a gap still exists. Advisors who understand and address clients'
service expectations position themselves to attract and retain HNW clients over
the long run.
Spectrem's research reveals that advisors meet most of HNW clients' financial
planning and investment management expectations. Still, these clients also
want personalized advice that considers life stages, tax planning, business and
personal/family needs—like protection and spending—and more. This presents an
opportunity to differentiate your practice and enhance your value proposition.
1
Spectrem, August 2021, "Defining Wealth Management." Neither Envestnet,
Envestnet | PMC, nor its representatives render tax, accounting, or legal advice.
The gap: Services expected from advisors vs. services received
1
Services received Services expected
Financial planning
92%
59%
Wealth transfer advice (while still alive)
93%
17%
Investment management
92%
73%
Trust services
90%
12%
Estate planning for advice (for after your death
91%
22%
Tax planning advice
89%
25%
Non-liquid asset management
87%
3%
Long-term-care insurance advice
83%
10%
Loan and credit management
84%
4%
Life insurance advice
76%
11%
