Directors of financial institution-based advisors recognize the importance of financial planning and have tried several ways to encourage advisors to make planning a cornerstone of the service they provide to clients, addressing the reasons that advisors give for dragging their feet. They have made halting progress. At their current pace, it will take several years for these advisors to have a meaningful share of their book with active financial plans.

But financial institution-based advisors are in a race with other providers to deliver financial planning to the market. Further Kehrer Group research has found that clients with a financial plan are overwhelmingly satisfied with the plan and unlikely to repeat the planning process with another provider. The pace of financial planning engagement in banks and credit unions must increase or they risk losing the financial planning race.

To support the bank and credit union financial advice community, Raymond James commissioned Kehrer Group to mine its proprietary data to identify best practices in driving financial planning engagement.

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