02.17.23

Holistic Planning Still Hasn't Struck Chord With Advisors, LIMRA Study Finds

by: Edward Hayes

Financial advisors are still not embracing holistic planning, according to the results of a new study published by LIMRA and the National Association of Independent Life Brokerage Agencies. The study found that 35% of advisors that have been in the business for 11 years or more were less inclined to offer financial planning and wealth management. By comparison, 49% of those who had been in the industry for less time said they were willing to offer those services. “The holistic approach gives the producers a better sense of the client’s overall financial picture and they can offer a broader range of services to meet the client’s current needs,” said Peter Dewitt, assistant research director for LIMRA. “This opens an opportunity for building a lasting and rewarding producer-client relationship.” The study also highlighted a discrepancy between the two groups in the use of digital tools and training.
 

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