Last updated: 09:55 / Tuesday, 21 July 2015
Cerulli’s Report

Expanded Advice and Service Offerings are Essential for Sustained Wealth Manager Success in the U.S.

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Expanded Advice and Service Offerings are Essential for Sustained Wealth Manager Success in the U.S.
  • "Investor willingness to pay for advice continues to climb, as does households interest in receiving more financial advice"
  • Cerulli believes that pairing a human element with technology solutions will maximize addressable marketshare of financial service providers by broadening the scope of their advice

New research from global analytics firm Cerulli Associates finds that expanded advice and service offerings are essential to sustained success for wealth managers in the United States.

"One of the most common issues facing wealth management providers is devising a targeted marketing strategy to grow their business," explains Scott Smith, director at Cerulli. "Investor willingness to pay for advice continues to climb, as does households interest in receiving more financial advice."

Cerulli believes that pairing a human element with technology solutions will maximize addressable marketshare of financial service providers by broadening the scope of their advice.

Investors widely prefer providers that can address the entirety of their financial advice needs. In many cases, traditional providers have already moved to embrace the idea of "advice beyond investing" and are now making firm-wide efforts to encourage their advisors to adopt this approach.

By creating an ongoing goal-based dialogue with clients, providers are better able to identify product placement opportunities that will legitimately increase the long-term outcomes of the client, and not just the provider.

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