Sedona Arizona

Advice gap

What services do you expect from your financial advisor? What are you actually getting?

Think about it. Is there a gap between your advisory expectations and the reality?

Research from SpectremGroup among wealthy investors shows there’s a massive advice gap in many crucial wealth management services.

A survey of wealthy investors show a significant advice gap between services expected vs services received
Source: https://spectrem.com/Content/expectations-not-always-expected.aspx

Why the advice gap exists

There are many reasons why such an advice gap may exist, including:

  • Speciality held by the advisor
  • Expectations of communication and services provided not clearly established
  • Client may view “comprehensive” planning as an add-on or “upsell” service, not fully understanding the link between planning fees and value added
  • Advisor may not offer true financial planning services, preferring to manage investments only service

Note this survey was conducted among wealthy investors.

What about those not considered wealthy, which may include families with less than $1M investable assets? If these investors are surveyed, would the advice gap be even wider?

I explore this topic further in Episode 20 of the Financial Purpose Podcast. Listen here:

Disclosures

Life Moves Wealth Management is a registered investment advisor offering advisory services in the States of Arizona and Indiana, and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. Information contained on this site should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.

The information on this site is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. This information should not be relied upon as the sole factor in an investment making decision. Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal any performance noted on this site.  

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Author: Dale Shafer II, CFP®, APMA®, CDFA®

The National Association of Personal Financial Advisors
The Society of Advice

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