Abstract
The financial advisor business is growing and changing rapidly. Major insights in this Mintel report include:
- The demographics of the country are having a profound effect both on the type of businesses that advisors run, as well as they way in which they run them
- The imminent retirement of Baby Boomers will unleash billions of dollars in cash that will need to be managed over longer retirements than ever before, a potential treasure trove of business for well-positioned advisors
- Advisors are moving toward fee-based businesses rather than traditional commission-based compensation, but there is conflicting evidence as to the strength of this trend
- There is (and will continue to be) increasing competition in the industry, as traditional firms reinvent and restructure to meet changing market demands
- Professionals such as CPAs are entering the market and offering many of the same financial-planning services offered by financial advisors
This report examines the trends and opportunities within the financial advisor distribution channel, including an overview of how US demographics affect products and services. Mintel describes some of the new products finding a place in investor portfolios. There is also extensive description of investor attitudes towards financial advisors, and descriptions of investing behavior, especially as it relates to retirement.
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