Steady increase in clients
with financial plans
While the data shows that an increasing number of
clients have a financial plan (up 8% from 2015), the level
of planning has also expanded (up 9% from 2020).
The rise in advisors delivering both modular and
comprehensive planning may reflect a response to
various factors, such as the increasing complexity
of client needs, planning advocacy by organizations
like the CFP Board and financial services firms, the
prevalence of planning offerings embedded in the
online banking space, market volatility, and changing
client demographics.
43%
n
Comprehensive
n
Modular
n
Other
n
Both comprehensive and modular
Level of planning
40% 7% 52%
33% 56% 9%
11%
46%
2023
2017
2020
Number of clients with a plan and the
level of planning continues to rise
2017
48%
2020
53%
2023
56%
Clients with a plan
Type of clients
The levels of financial planning engagement
across different generations have largely
remained the same. Advisors are working
predominantly with Boomers (91% of
advisors serve this group), while Millennials
still lag (only served by 12% of advisors).
Advisor's book of business
17%
3%
44%
63%
29%
$10M
$4-9M
$2-3M
$500K-1M
Under $500K
Silent Generation Baby Boomers
Client demographics by age
Gen X Millennial/Gen Y
12%
44%
22%
91%
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