SEI Reports Advisors Often Miss Chances to Consolidate Client Assets
According to a survey conducted by fintech firm SEI, most financial advisors believe in the value of consolidated household portfolio management but rarely ask clients about it. While nearly all surveyed advisors (95%) aim to consolidate their clients' assets into one account and rate its importance highly at an average score of 8 out of 10, only a small fraction actually manage 100% of client assets. On the investor side, over three-quarters rely on just one advisor but fewer than half have all or most of their investable assets managed by that primary firm. A significant portion (71%) said their advisors never asked to take control of more household wealth. SEI's senior managing director emphasized the need for advisors to be explicit about how they can help and communicate value effectively. Advisors cited a lack of client interest, insufficient technology, staffing issues, and time constraints as key barriers to implementing consolidated portfolio management.
Topics: advisor behavior asset consolidation wealth management