While wealth and retirement planning converge, wealth advisors face a critical challenge – addressing the expanding advice gap. Recent findings from a survey conducted by intelliflo†, a leading cloud-based technology platform for financial advisors, reveal that 80% of financial advisors believe the advice gap has grown over the past three years. This underscores the urgent need for innovative solutions to bridge this gap and ensure that those seeking financial advice can access it.
The advice gap, which refers to the disparity between individuals who seek financial advice and those who can readily access it, poses a significant challenge for both advisors and clients. The intelliflo survey highlights some key insights into this issue:
Increased Demand for Advice: Notably, 29% of financial advisors reported that more individuals have reached out to them seeking advice in the past 12 months. Additionally, 28% noted that a growing number of younger individuals have sought financial advice during the same period.
Top Areas of Financial Concern: The survey identified the top three areas where clients currently seek financial advice the most:
While technology holds the key to addressing the advice gap, advisors face specific challenges when adopting new solutions. The top three obstacles reported were:
The survey emphasizes the pressing need for wealth advisors to embrace technology solutions that streamline their practices, enhance efficiency, and enable them to serve a broader clientele. Future Capital is a valuable partner in helping advisors overcome these challenges.
Future Capital offers innovative technology solutions designed to empower wealth advisors in their mission to bridge the advice gap. Our comprehensive platform equips advisors with the tools needed to efficiently manage clients' retirement assets, regardless of where those assets are held. By simplifying portfolio construction, trading, and rebalancing, advisors can optimize their clients' financial plans.
Moreover, Future Capital's commitment to seamless integration and ease of use addresses the barriers reported by many advisors in the intelliflo survey. Our technology is designed to complement advisors' existing workflows, reducing the time required for installation and minimizing the resources needed for ongoing management.
The intelliflo survey sheds light on the expanding advice gap and the growing demand for financial advice across various age groups and financial goals. To meet this demand, wealth advisors must embrace technology solutions that enhance their capabilities and streamline their operations.
Future Capital stands at the front of this transformation, offering advisors the tools and support needed to address these challenges effectively. By leveraging our technology, advisors can not only help their clients by bridging the advice gap but also grow their client base, enhance efficiency, and deliver comprehensive financial services.
As wealth and retirement planning converge, Future Capital remains committed to empowering wealth advisors to thrive in this dynamic environment. We invite you to explore our solutions and discover how we can help you unlock new opportunities for your practice. Together, we can close the advice gap and empower clients to achieve their financial goals.
† intelliflo, the leading cloud-based technology platform for financial advisors, shared results from a recent survey of more than 400 financial advisors around topics such as client needs, technology plans and the advice gap.
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