{"id":392701,"date":"2020-12-03T08:41:27","date_gmt":"2020-12-03T13:41:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392701"},"modified":"2020-12-03T08:41:27","modified_gmt":"2020-12-03T13:41:27","slug":"envestnet-moneyguides-latest-advisor-survey-finds-financial-planning-services-fees-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/envestnet-moneyguides-latest-advisor-survey-finds-financial-planning-services-fees-on-the-rise\/","title":{"rendered":"Envestnet | MoneyGuide’s Latest Advisor Survey Finds Financial Planning Services, Fees on the Rise"},"content":{"rendered":"
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Percentage of advisors charging a flat fee, commission, or percentage fee based on AUM for financial planning has jumped to 72%, up 8% from 2017<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n RICHMOND, Va.<\/span>, Dec. 3, 2020<\/span> \/PRNewswire\/ —\u00a0Envestnet | MoneyGuide has published the findings of its latest survey on the state of the financial planning industry according to advisors, along with their outlook on fees, as well as perceived challenges and threats in the current environment, in a new white paper titled State of Financial Planning and Fees: The Bigger Picture<\/i>. Based on the survey results, financial planning services are on the rise, with many advisors charging a fee for their services, and these fees have steadily increased over the last five years.<\/p>\n

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The financial advisor industry is growing and evolving. According to industry statistics compiled by IbisWorld<\/i>, the market size of the financial planning and advice industry has grown by 1.8% per year on average between 2015 and 2020, which is faster than the overall economy. Advisors today are providing more holistic advice and financial planning services to a larger client base. The impact of COVID-19 should only further accelerate this trend.<\/p>\n

“According to our research, more advisors are offering comprehensive financial plans in 2020 than three years ago,” said Tony Leal<\/span>, President of Envestnet | MoneyGuide<\/b>. “While we are encouraged by this data, we are not surprised. Today, financial planning has taken its rightful spot as the centerpiece of wealth management, as it is a critical piece of the financial wellness puzzle. From saving to spending, budgeting, borrowing, and more, clients want to discuss their entire financial picture with advisors \u2013 and this survey finds advisors are being able to charge more for these services.”<\/p>\n

With financial planning taking center stage, the question becomes how advisors should charge for their services. To help address this question and take the pulse of the industry, MoneyGuide conducted this survey of more than 1,600 advisors in September 2020<\/span>. This report represents the third wave of the study, with prior waves in 2015 and 2017.<\/p>\n

\n Key Highlights<\/b>\n <\/p>\n