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  • Writer's pictureChristy

Expanding Advisor Value-Add

The 2023 Scwab Modern Wealth Survey found Americans consider a net worth of $2.2 million to be the threshold of “wealthy.” Yet the average net worth of Americans who said they feel “wealthy” was only $560,000. “Well-being” was used more frequently than money or assets to self-describe “wealth” like a fulfilling personal life, enjoying experiences, and low financial stress. Less surprising, the older the respondent, the higher the value placed on time versus money.

The study also found that two-thirds of Americans have no formal financial plan as 44% don’t think they have enough money to require one. Interestingly, Boomers with the highest average net worth were also the most likely to feel they didn’t have enough money to justify needing a plan.

A few actionable takeaways for advisors:

  • Advisors can help clients feel wealthy in non-financial ways. Some ideas include:

    • Creating or celebrating client experiences, life milestones, or achievements.

    • Offer services that save clients time such as coordinating taxes, estate planning, and financial planning within one firm. Or offer ancillary services like an on-staff life travel agent, notary, or client concierge.

    • Streamline processes like one-click meeting booking.

  • Time-saving initiatives may be particularly relevant for Boomers, as they were the highest percentage who valued their time over money.

  • Given Boomers' high relative net worth and low sense of the value and relevance of planning, get ready to overcome this objection.

  • Social media significantly influences financial-related interactions with Gen Z and Millennials, unlike Gen X and Boomers. Accordingly, the investment of time and resources in social-media-based strategies might vary significantly, depending on the advisor’s target market.

Christy Charise, Founder & CEO of Strategic Advisor

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