Participants in the recent Kehrer Bielan virtual study group on the development of holistic advisors confronted the slow pace of advisor adoption of planning.  On average a bank-based advisor engages in planning with only 1.75 clients a month, up from 1.4 in 2015.  For the typical advisor with 602 clients, only 3.5% of clients are actively engaged in planning during the year.


For the most part, banks and credit unions have relied on advisors to provide financial planning to their clients, sometimes supported by a centralized planning desk to help them learn the ropes or provide deeper expertise for complex investor needs.

Source:  The Status of Financial Planning in Financial Institutions (sponsored by Ameriprise Financial Institutions Group, 2020)


Participants discussed the pros and cons of turning to professional planners to deliver planning, instead of continuing to try to develop reluctant advisors into planners.  Click here to see their debate.


“Engaging and Developing Holistic Advisors”  was a continuation of the Holistic Advisor Virtual Study Group.  Forty-one executives working to develop holistic advisors in financial institutions participated in the meeting August 20th, which was sponsored by Ameriprise Financial Institutions Group and e-Money Advisors, and presented by Pacific Life.


The next virtual meeting of the Holistic Advisor study group is scheduled for Sept 10th, and will focus on Holistic Advice and Reg BI.  Click here for additional information.