According to the survey which involved 603 financial advisors, currently, there is lack of access to the aggregated account data which is needed to provide them with a complete view of their clients’ finances.
The survey states that while 95% of clients ask financial advisors for advice on 401(k) retirement accounts and other held-away assets.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In spite of 78% of advisors saying that they lacked access to their clients’ complete financial pictures, 73% said that they are advising clients on their held-away assets, with only 20% of these advisors charging for the counsel.
Further, 82% of financial advisors said that they are interested in evaluating providing advice on held-away assets as a value-added service for new and existing clients.
"With the fee-based advice model becoming the new industry standard, there is a significant opportunity for financial advisors to leverage account aggregation as a method of providing holistic, strategic advice to investors," remarked Rhonda Bassett-Spiers, chief operating officer, CashEdge division, Fiserv.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
