According to the MacroMonitor, 11 percent of US households have a written financial plan, but only 10% of them – 1% of all US households – have obtained that plan where they bank. As banks and credit unions consider the extent to which their financial advisors have embraced financial planning, they should be mindful of the effect of plan penetration on where households keep their financial assets.

The MacroMonitor data indicate that the average US household keeps 59% of its savings and investments at a bank or credit union. But households with a written financial plan keep much less of their wealth where they bank – only 34%. However, if the household obtained that plan where they bank, the institution holds 63% of the household’s financial assets.

Source: 2016/2017 MacroMonitor


So, encouraging financial advisors to embrace planning is a key to a financial institution’s ability to attract and retain assets.

The MacroMonitor is a nationally representative sample survey conducted every other year since 1978. The 2016/2017 survey includes 4,320 households, with an oversample of affluent households, reweighted to be representative of the US population. The MacroMonitor is the largest, most comprehensive database on household consumer financial behavior and attitudes and includes the full detailed household balance sheet and use of products, financial services providers, and advisors. The survey is conducted by the Consumer Financial Decisions group of Strategic Business Insights, formerly a unit of SRI International. Kehrer Bielan considers the MacroMonitor to be the gold standard of consumer financial databases.

As a long-standing leader in financial planning and advice, Ameriprise Financial confirms that advisors who embrace an advice-based practice have greater growth. Recent analysis shows that Ameriprise advisors in formal planning relationships with clients have:

  • 5 times average total revenue per client
  • 3.5 times average assets under management per client
  • 25 times greater average total asset flows per client

An onsite investment program with the Ameriprise Financial Institutions Group (AFIG) offers your financial institution the important combination of a high touch, personalized service experience, along with a comprehensive approach to financial advice and product solutions to help your clients achieve their financial goals.

To learn more about how the expertise and resources of Ameriprise Financial Institutions Group can help you deepen your long-term client relationships and solidify your position as a full-service financial leader in your market, contact their team today by calling (800) 679-1237 or visit

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Kehrer Bielan is not affiliated with Ameriprise Financial.
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