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Financial advice reimagined

September 17, 2020

RESEARCH REPORT

In brief

When we analyzed the findings, three key themes emerged that are reshaping the industry:

1. Holistic

Advisors are playing a diverse set of roles to meet client needs—including portfolio manager, life coach, relationship manager and therapist.

2. On-demand

Advice-on-demand is shaping the industry, as the service level expectations of HNW and UHNW clients blur with the convenience services used every day.

3. Integrated

COVID-19 created a greater reliance on virtual channels. Advice should be consistent and impactful whether in person, on the phone or by video chat.

Financial advice reimagined.

#1 Advice needs to be holistic.

81%

of advisors report they hold meetings to help clients navigate complicated family dynamics

87%

of advisors say they use complex models to allocate capital among a wide range of asset classes

29%

of clients need the most help from their advisor to navigate retirement

16%

of clients are seeking advice about changing or leaving their jobs

#2 Advice needs to be available on demand.

25%

Communications with clients

15%

E-signature

15%

Digital content

11%

Document upload for clients

10%

Appointment reminders

10%

Onboarding

9%

Digital agent

7%

Money transfer

1%

Other

#3 Advice should be integrated.

Three out of four advisors say clients ask about Environmental, Social and Governance criteria when investing.

Doing good while doing well matters more than ever

About the survey

Our leaders

Scott Reddel

Managing Director – Wealth Management Lead, North America

Rachel Silver​​

Managing Director – Wealth Management​

Michael Spellacy

Senior Managing Director – Global Capital Markets Lead

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