Status of Financial Planning in Financial Institutions

Status of Financial Planning in Financial Institutions (November 2020)

Kehrer Bielan research has consistently demonstrated that an advisor who delivers a financial plan to a household solidifies his position as its primary financial advisor.  Having a financial plan increases the household’s financial confidence, and in turn, it entrusts the advisor and his firm with a larger share of its investable assets.

Despite the benefits of introducing more clients to financial planning, financial institutions have been slow to make financial planning core to the business.  Fewer than half of financial institutions track how many clients per advisor are actively engaged in planning relationships. According to PlanningInsights™, 72% of financial institution-based advisors engage in little planning, connecting with zero to two households a month.

To better understand how financial planning is being delivered to bank clients and credit union members and identify best practices to help financial institutions more effectively share the value of planning, Ameriprise Financial Institutions Group collaborated with Kehrer Bielan Research & Consulting to survey banks and credit unions and report on the Status of Financial Planning in Financial Institutions.

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The Status of Financial Planning in Financial Institutions

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