According to the survey report, 59% of the advisors classified their practices as financial planning, however based on services offered them only 30% of advisors actually met the criteria in true sense.
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Further, based on the analysis of the services offered by advisors and the data on their client bases, only 56% of respondents had the characteristics of investment planners rather than financial planners, says the report.
According to the report, though many practices provide some basic elements of financial planning, many are exclusively focused on asset accumulation strategy.
The report also added that ambiguity regarding the services offered by advisors would mostly continue in the absence of an industry-wide consistency in the nomenclature for their practices and services.
Scott Smith, head of Cerulli’s intermediary practice, said, "Firms have encouraged their advisors to expand their advice relationships with clients; however, advisors tend to overestimate the degree to which they are involved in the planning process."
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By GlobalData
