Financial planning has evolved from a supplementary service into the primary gateway for many advisory relationships, according to new research from Cerulli Associates. The Boston-based consultancy's latest data reveals that affluent investors are drawn to advisors primarily for human connection and guidance, not just portfolio management.
Cerulli's survey found that 28% of affluent investors cite comfort working with a human advisor as their top reason for maintaining a formal advisory relationship. Another 20% value the ability to ask specific questions, while 19% seek a strong ongoing relationship. Rounding out the top five, 13% appreciate guidance in understanding a financial plan, and 11% value collaboration on that plan.
The importance of planning spans all advice channels. When asked whether having a financial plan is important, 85% of all respondents agreed, with affluent clients served by private banks leading at 89%. This suggests that even as digital tools and AI reshape the industry, the human elements of advice remain the primary draw.
Planning services on the rise
Advisors are already shifting their practices to emphasize planning. Cerulli reports that 24% of advisors currently provide targeted planning for specific goals, while 48% offer comprehensive, ongoing planning. That comprehensive share is expected to climb to 54% by 2027.
Scott Smith, senior director at Cerulli, noted that as investors accumulate assets across various vehicles, they benefit from a professional who can review each account and create an efficient savings and investment plan. He added that investors increasingly seek guidance to address immediate financial needs while keeping long-term goals in focus.
Cerulli recommends that advisors use the client intake process to map out a prospective client's full financial picture, then use the planning process to pinpoint short- and medium-term objectives alongside long-term goals like retirement. This level of detail gives clients confidence that their goals are reachable with the right plan and guidance.
Planning fees surge
The research arrives as advisors adjust how they price and position planning services. A separate study by Datos Insights found that the average annual retainer fee for advisors who bill separately for planning has surged 52% since 2023, reaching nearly $6,815 annually. This underscores how central planning has become to advisor revenue models, not just client retention.
While retirement remains the dominant long-term priority, clients also want help with nearer-term needs. Saving for travel or vacation ranks as the most common short-term goal (44%), followed by building a financially secure retirement (35%) and setting up an emergency fund (34%).
That mix of horizons means advisors who position planning purely as a retirement exercise may miss part of the pitch. Cerulli frames planning as a "front-porch" service: an entry point to attract prospective clients before converting them into long-term, fee-generating relationships. This entry point matters increasingly for a generation of clients raised on digital tools. As digital innovation makes economic analysis and market updates commoditized, advisors who offer comprehensive planning are better positioned to retain younger, tech-savvy clients.
The research also highlights competitive pressure. A recent survey by Trust & Will found that more than two-thirds of advised clients would consider switching to an advisor who offers a broader range of planning services, such as estate planning. Related findings show that only 37% of affluent older adults feel at peace with their estate plans, and Gen Z investors show the weakest advisor loyalty, underscoring the need for planning to build lasting relationships.
As more investors seek human guidance in building their financial future, financial planning will serve as both an initial value proposition and a long-term value add, Smith concluded.
