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View From the Trenches: Advisors' Perspectives on Detailed Financial Planning

View From the Trenches: Advisors' Perspectives on Detailed Financial Planning

The business area of "capturing additional assets" is most affected by financial planning solutions. This is very encouraging news for firms that are investing in those solutions and for vendors who are providing those solutions. Of respondents, 40% of ad
By Adam Honoré

Boston, MA, October 31, 2006 – According to a new impact note by Aite Group, LLC, Aite Group projects detailed financial planning solutions will serve 38% more retail clients within five years than they do today. Aite Group surveyed 21 financial advisors representing 17 different firms during Q2 of 2006 to gain insight into three key areas:

• Shift to fees. How much have advisors' books shifted from trade
commissions to fee-only account structures?

• Business impact. Has advice and guidance technology had a
positive impact on advisors' practices?

• Implementation and usage. How easy was it to learn how to
provide these services, and which functions are used more
frequently than other functions?

According to Adam Honoré, author of the report, "For firms who are wondering whether or not their investment in planning solutions will pay off, advisors who are using the tools today certainly feel the solutions add value to their practice. This perspective is encouraging news from the trenches." The analyst adds, "Advisors who are using planning solutions are aggregating more assets, improving productivity, and are reducing the time spent manually performing some of these tasks."

This 17-page Impact Note contains 13 figures and one table. Clients of Aite Group's Wealth Management  Service can download the report