Nearly 95% of financial advisors say that clients ask about advice on held-away assets, which are accounts not actively managed by an advisor or custodian affiliated with the advisor’s financial institution. Held-away assets include self-directed investment and retirement accounts.
According to the report, nearly 78% of advisors lack access to an aggregated view of their clients’ overall financial picture that includes held-away assets. Despite this, 73% said they are advising clients on their held-away assets.
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Of those advisors who said that they did not provide advice on held away assets, almost 46% said they believe it takes too much time to collect the information.
The majority of survey respondents, 82% of financial advisors are interested in evaluating providing advice on held-away assets as a value-added service.
The survey is based on responses from 603 financial advisors with more than ten years of experience as RIA, wirehouse, independent broker-dealer and insurance broker-dealer representatives.
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By GlobalData
