A survey by Broadridge Financial Solutions has revealed that financial advisers are speeding up the transition to holistic financial planning.
The study polled more than 300 financial advisers.
Of those polled, 51% believed that their practices will prioritise holistic financial planning in the future.
Younger advisers below the age of 40 years are four times more likely than their older counterparts aged over 55 to believe that holistic financial planning is the main value they offer to clients.
The study also revealed respondents’ willingness to embrace a team structure instead of working in solo practices.
In three years, around eight out of ten advisers intend to be part of a team.
Moreover, the survey revealed that the number of advisers with fee-based assets of at least 75% will grow from 51% to 67% in the next three years.
The study also found around 80% of the advisers seeking asset managers to support business optimisation.
Besides, 78% of the respondents expressed that they need portfolio construction and risk management support.
Advisers are also looking for support on digital transformation efforts, revealed the study.
Broadridge principal of Distribution Insight Matthew Schiffman said: “While we surveyed advisers prior to widespread quarantining, our perspective is that the current global environment has intensified pre-existing trends. As advisers accelerate the move to holistic planning in part due to this, they need two things: a digital-first mindset and broad support from asset managers.
“For the latter, the onus is on asset managers to address adviser and ultimately investor concerns – particularly ones that are exacerbated by the global crisis we are in. For the former, there is simply no longer a choice.”