It’s no secret that access to financial advice for those who need it is limited in the US. Financial literacy and access to advisors is a critical need that must be addressed by the financial advice industry.
intelliflo recently surveyed consumers and advisors in the United States to better understand current client needs, technology plans and perspectives on the advice gap. The results were striking and showed a significant gap between those who get financial advice and those who are looking for help. Four in five financial advisors say that this discrepancy has grown in the last three years.
To meet this challenge, advisors must find ways to evolve their practices in a way that allows them to take on more clients. Most are concerned about the impact of the cost and time needed to maintain the software to support this evolution.
