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Financial planning is the hub of wealth management, says white paper


Goal-based financial planning is an important factor the ability of wealth management firms to attract and retain new clients, satisfy advisor demand, and create client loyalty and cross-sell relationship opportunities.

That’s according to a new white paper by CEB TowerGroup, commissioned by SunGard.
The paper, “Shifting to the Center: Financial Planning is the Hub of Wealth Management,” is based on a detailed adoption and investment analysis of key technologies in the wealth management space, including the needs and preferences among end users and executives.
The report found that 68 per cent of surveyed global high-net worth (HNW) clients, and 69 per cent of North American HNW clients, do not have a formal financial plan to achieve long-term goals.
Nearly all (97 per cent) clients who rated their planning experience as excellent are not at all likely to switch to a new firm in the next 12 months.
Some 78 per cent of advisors rank financial planning technology as important, but only 50 per cent rank that technology as effective.
Almost half (46 per cent) of surveyed executives indicated that they plan to increase their spend on financial planning technology.
“This paper uncovers the untapped needs of the many clients who have yet to establish a formal financial plan. Different clients require different planning capabilities, and firms that meet these varied needs across multiple channels not only increase client loyalty, but also open up opportunities to introduce additional product and service offerings,” says CEB TowerGroup research director Darrin Courtney.
“Goal-based investing raises the bar for the financial planning process. Besides driving the client’s savings goals and their target asset allocation, the financial plan now becomes the benchmark upon which future account performance is measured. That makes the financial planning process a key component of every conversation an advisor has with his or her client. SunGard’s financial planning and asset allocation tools help ensure that client goals are adequately funded, allocated and monitored,” says Scott Parry, executive vice president and general manager – advisory and investment services, SunGard’s wealth and retirement administration business.

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