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.


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:


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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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