Financial Advisors: Economic Downturn Hitting Boomers Hardest

According to Thornhill, advisors in the PREP research who identified themselves as “planning experts” reported their typical client had twice the total assets as advisors who were more focused on individual product sales. The self-reported “planning experts” were not significantly different than “non-planners” in years of experience, size of firm, job function or type of products they offer. But, “planning experts” who approach client relationships with a longer-term planning focus had three times the assets under management and reported 40 percent higher annual revenue than the “non-planners.”