80% of financial advisors believe the advice gap expanded over the past three years, according to intelliflo survey

intelliflo, the leading cloud-based technology platform for financial advisors, today shared results from a recent survey of more than 400 financial advisors around topics such as client needs, technology plans and the advice gap.

 

Key findings from the survey include:

 

• 80% of financial advisors believe the financial advice gap between those who want advice and can access it is at least somewhat wider over the past three years

 

• 29% of financial advisors reported that more people have reached out to them seeking advice over the past 12 months, and 28% reported that younger people than usual have reached out for advice over the past 12 months

 

• The top three areas advisors say clients currently most need financial advice on are:
  • general investing (56%)
  • saving for retirement (53%)
  • saving for child(ren)’s future (43%)

 

• The top three biggest barriers to adopting new technology for advisors are:
  • integration challenges (57%)
  • time to install (41%)
  • employee time and resources to manage the technology (38%)