Market Volatility Is Increasing Demand for Financial Planning: Report
From Financial Advisor IQ:
Fears of continued market volatility are increasing client demand for financial planning services, according to a recent report by Cerulli Associates. Meanwhile, some firms are staffing up and boosting marketing to meet the expected demand.
Although 75% of financial advisors’ clients currently receive some form of financial planning, Cerulli expects the percentage to increase to 82% in 2023. Of the clients who aren’t receiving planning services, 18% consider those services important, Cerulli also found.
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[Everyone] will benefit from a planner’s reassurance and asset-protection skills, says Micah Wei, senior vice president of wealth management sales at Advisor Group.
“Especially in volatile times like this, planners tend to retain assets more,” Wei says “They have a smoother ride, and better conversations with their clients as a result. And we’ve seen advisors getting into that and doing more planning,” Wei adds.