Advisory firms rethinking how they deliver value: Fidelity survey

Advisory leaders believe "fulfillment" will take precedence over money management

Jun 29, 2017 @ 2:33 pm

By InvestmentNews

For advisory firm leaders who are rethinking how best to deliver value — and 81% are, according a report by Fidelity — their primary efforts should be put into client "fulfillment."

The report, "New Advice Value Drivers," found that 31% of advisers surveyed now put their primary focus on managing their clients' money and only 6% put the emphasis on fulfillment, which the report defines as a sense that clients have accomplished their life's purpose and are leaving a legacy.

(More: 7 ways advisers are turning off potential clients)

When asked where they would like to focus more, 36% said fulfillment, while only 5% said investment management. The other two major areas of value on which advisers focus — helping clients achieve their goals and attaining peace of mind — remain largely unchanged: 40% of firms focus on attaining goals now versus 31% who would like to focus on that more; 23% focus on helping clients with peace of mind, while 28% see the need for a greater focus there.

Fidelity said that the much greater future emphasis on fulfillment indicates the desire of firm leaders to make a strategic shift, and 32% of firm leaders said they would use technology and digital enhancements to their businesses to achieve change.

(More: What should really happen at client meetings)

Survey participants included 118 executives from the 350 Fidelity client firms, including RIAs, broker-dealers, family offices and banks.


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