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The COVID-19 pandemic has led to times of uncertainty; however, the value of financial planning has become clearer to many investors. While the financial advisor industry is growing and evolving, so is the manner in how advice and solutions are provided and delivered to clients.
With financial planning taking center stage, the question becomes: how should advisors charge for their services? To help address this question and take the pulse of the industry, MoneyGuide conducted a survey of more than 1,600 advisors in September 2020.
Download “The State of Financial Planning and Fees” report to explore the trends on fee-for-planning models, virtual planning, and more.
- Demand for financial plans is growing: The number of clients with a financial plan has increased to 55% in 2020, up from 48% in 2015.
- Nearly three-quarters of advisors are now charging for planning services: Advisors charging a fee, commission, or via AUM for financial planning has jumped to 72%, up 8% from 2017.
- Financial planning fees are on the rise: Since 2015, flat fees have risen by almost 50%, averaging $2,482, and hourly fees went up almost 25%, to $257.