Advice 2.0:
Reinventing the
broker-dealer advice model
An industry perspective by Sanjiv Mirchandani
The broker-dealer industry
has entered a period of profound
change, one characterized by fundamental shifts in investor and
advisor demographics and attitudes — and in the very nature of
the advice model itself.
Success in this environment
may require a very different
approach to meet the needs of the new investor. We’re moving
to a world where specialization, teams, and technology will play
a more important role. As a result, the delivery of advice may
need to evolve in order to take advantage of the opportunities
presented by a new generation of investors.
I believe firms can
revolutionize their advice model by creating
an Advice 2.0 model that focuses on the five key areas outlined
in this paper. Broker-dealers may, as a result, be able to
offer scalable, repeatable advice via a personal relationship
with an advisor and better address the changing needs of
today’s investor.
Components of an
Advice 2.0 Model
Have a clear strategyEmbrace the changing investor
Attract and engage the right advisors
Harness technology
By evolving their advice model, broker-dealers may be able to help their advisors to more effectively meet this opportunity. In this paper, I provide some considerations for firms on how they can attempt to capitalize on these marketplace changes and turn challenges into opportunities for driving the success of their business.
A wounded investor
Five years after the financial crisis, the stock market is in the midst of a bull market. As of this writing, the S&P 500® Index has more than doubled its value from its March 2009 low and recently hit its highest level in five years. Many investors, however, have sat on the sidelines. In fact, according to the Investment Company Institute, investors have withdrawn a net $138 billion from U.S. stocks during this same period, marking the first time since 1981 that investors have pulled money from U.S. stock funds for more than a year at a time.1 Wary investors have limited their stock holding despite the market’s gains. According to Federal Reserve data, stocks and stock mutual funds now make up just 37.9% of the average U.S. household’s financial assets, down from 50.5% in 2000.2
A closer look reveals an investor scarred by the Great Recession and one that can aptly be described as “wounded.” The broader loss of trust in the stock market began with the dot-com bust and was quickly followed by a parade of accounting scandals that continued to erode investor confidence. More recently, lingering anxiety over the U.S. debt situation, a low interest rate environment, and slow job growth have contributed to greater investor skepticism.
Jittery investors seem to be one more headline away from bolting the market altogether. Many of today’s investors have soured on stocks, remaining notably risk averse and investing conservatively. Stocks have been strong in 2013, but it’s too soon to say how long this rotation into equities will last.
37.9%
Stocks and mutual funds now make up just 37.9% of the average U.S. household’s financial assets.2Validators want the best of
both worlds: the benefits of
financial guidance coupled
with the comfort of being in
the driver’s seat. They gather
their own information, make
their own decisions, and seek
“validation” from experts.
The broker-dealer industry is in a period of historic change, marked by fundamental shifts in investor and advisor demographics and attitudes. The traditional business model is undergoing a significant evolution, driven by a wave of investors known as “Validators,” who desire the expertise of an advisor but who also want to be copilot of their own financial accounts using online technology.The emergence of Validators as a large investor segment presents an opportunity for broker-dealers to leverage one of their critical advantages: the relationship between advisors and their clients. Using a combination of online tools and advisors, broker-dealers can enable Validators to remain hands-on and stay more actively involved with their money.
This change in investor attitudes goes beyond demographics and reflects a more powerful psychographic profile. Painful investor memories tend to take a long time to fade, so getting investors back into the market could take years.
Emergence of
the “Validators”
Historically, investors could generally choose one of two models. They could either “do it themselves” using online tools and a discount broker or mutual fund company, or they could work with an advisor on whom they relied for advice, planning, and investment selection.
These models were driven by two very distinct investor personas: “Delegators” who want their advisor to handle everything, and “Do-it-Yourselfers,” who make and implement investment decisions on their own without the help of an advisor. Today, I am seeing a significant convergence of the two models, driven by investors known as “Validators.”
Validators desire the expertise of an advice relationship but are no longer comfortable handing over complete control. They want the best of both worlds: the benefits of financial guidance coupled with the comfort of
being in the driver’s seat. They gather their own information, make their own decisions, and seek “validation” from experts.
Cerulli estimates that Validators have emerged as the largest group, comprising 48% of U.S. investors. The number of “Delegators” — investors who consider themselves dependent on an advisor — has held relatively stable at 24%, while the number of investors who consider themselves “Self-Directed” stands at 28%.3 Among affluent investors with more than $1 million in investable assets, Validators still comprise a hefty 44% of the population.4
U.S. investors
Self-Directeds 28% Delegators 24% Validators 48%Source: “Retail Investor Product Use 2013: Impact of Change in Investor Risk Appetite,” Cerulli Quantitative Update.
Discount brokers have responded by offering a “Do-It-Yourself 2.0” (DIY 2.0) model that uses a mix of robust online tools coupled with access to representatives.
As a result, the discounters grew their retail investor assets almost twice as fast as the wirehouse and independent broker-dealer channels from 2008 to 2012.3
Many of today’s investors
have soured on stocks,
remaining notably risk
averse and investing
conservatively.
Seismic demographic
changes
Shifting demographics are another significant force affecting the advisor industry as the baby boomers (“Boomers”) begin to retire and start a long cycle that will continue through 2031. Matures • 40M • 17% of investors • Age: 68+ booMers • 75M • 31% of investors • Age: 49–67 gen x/y • 127M • 52% of investors • Age: 19–48
Source: Cogent Research and U.S. Census Bureau, 2010.
Instead of focusing exclusively on Boomers, advisors will need to address needs across multiple demographic groups: helping younger Boomers save for retirement and retiring Boomers switch to decumulation, helping the Mature generation transfer assets to its heirs, and addressing the investing needs of key market segments, including Gen X/Y and female investors.
Gen X/Y investors
come of age
The Gen X/Y segments now comprise over half the total population in the United States.5 Many were just beginning to invest when the recession and market decline hit. As a result, they
tend to exhibit a low tolerance for risk and avoid participating in the market to a greater extent than their parents and grandparents.6
Gen X/Y investors are often underserved by our industry, given their lower average assets levels. But investors under the age of 55 account for approximately 40% of investable assets globally, and most of these investors will increase their investable assets by 50% over the next 10 years through gifts or inheritance.7
Technology plays a much bigger role in the advice relationship for Gen X/Y investors. They want anytime/anywhere access to their investments — 60% of those surveyed liked to access financial assets on their phone or tablet compared to 24% and 33% for older investors.6 While they use self-service tools to check on their investments and conduct research, they want to be involved in the process and expect to work collaboratively with their advisor.7
4
in
10
The number of women that outearn their husbands10
Social media tools are particularly important for engaging the next generation of investors. Fidelity research shows that 34% of Gen X/Y investors felt that it was important for their advisors to have a social media presence,7 but only 12% of financial advisors use Facebook® and 6% use Twitter® for professional purposes.8
Importance of advisor having
a social media presence
11% 21% 68% 34% 29% 36% Older Generations Gen X/Y Important/extremely important Neutral
Not at all/not very important 11% 21% 68% 34% 29% 36% Older Generations Gen X/Y Important/extremely important Neutral
Not at all/not very important
Source: 2012 Fidelity Millionaire Outlook, March 2012.
With more than five million high-net-worth investors currently tapping into social media for financial planning and investment research activities,8 financial advisors who do not embrace emerging communications channels like social media may be missing out.
The power of the
female investor
In the United States, an enormous shift of wealth to women is under way. By 2020, women are projected to control half of the wealth in the U.S.9 One driver for this is a dramatic increase in their earning power: four in ten women outearn their husbands, which represents an increase of more than 50% from just 20 years ago.10
62012 Fidelity Millionaire Outlook, March 2012. Primary research study conducted by Bellomy Research, an independent third-party research firm, among
U.S. mass affluent and millionaire investors via online survey during the period of March 15–29, 2012. The mass affluent group had investable assets of at least $250,000 or $100,000 if they had an annual household income of $150,000 or more, and the millionaire group had investable assets of at least $1 million; both groups’ investable assets were excluding workplace retirement accounts and any real estate holdings. The data reflect a margin of error of +/–3%.
Wealth controlled by women in the U.S.
$9
trillion at end of 2009$11.7
trillion at end of 2014 (projected)5%
Cagr“Leveling the Playing Field,” The Boston Consulting Group, July 2010. CAGR: compound annual growth rate.
The National Center for Women and Retirement Research estimates that 9 out of 10 women will be solely responsible for their finances at some point in their lives — clearly an opportunity for financial advisors.11 The good news for our industry is that women are not afraid to ask for the help of an advisor: 46% say they are likely to seek professional advice compared with just 34% of their male counterparts.12 But they are also not afraid to take their business elsewhere if their advisor neglects to build a relationship with them: 70% of women fire their financial advisor within a year after the death of their spouse.13 Unfortunately, the advice industry has not received high marks on working with female investors. A study by The Boston Consulting Group (BCG) found that women were more dissatisfied with the financial services industry than any other industry that affected their daily lives. Women reported being treated with disrespect and condescension, and given poor advice specifically because of their gender.14
Reconfiguring the
advice model
Faced with these demographic changes and market trends, broker-dealers may want to explore reconfiguring their current model to Advice 2.0.
The Advice 2.0 model outlined here may help broker-dealers supplement or potentially leapfrog DIY 2.0 by taking the core of the broker-dealer model — the advisor — and combining it with online tools and channel integration. Broker-dealers may, as a result, be better able to offer scalable, repeatable advice via a personal relationship, which may in turn help meet investors’ needs to be more involved in the relationship and “visit” with their money.
Now may be the time to reinvent the advice model — to implement Advice 2.0 — and to set your firm up to capture the opportunity that appears to be unfolding.
Women are not afraid
to ask for the help of an
advisor, but they are also
not afraid to take their
business elsewhere.
132011 Fidelity Couples Retirement Study analyzed retirement expectations and preparedness among 648 married couples (1,296 individuals). Respondents were
required to be at least 46 years old, to be married and living with their respective spouses, and to have a minimum household income of $75,000 or at least $100,000 in investable assets. Richard Day Research, Inc., an independent research firm, executed the study, which was fielded in May 2011.
Core components of the
Advice 2.0 Model
What may broker-dealers want to consider when shifting from the old Advice 1.0 model to the new Advice 2.0 model? Based on my experience working with hundreds of broker-dealer firms, I believe that Advice 2.0 hinges on five main areas for consideration: having a clear strategy, embracing the changing investor, attracting and engaging the right advisors, harnessing technology, and driving operational excellence.
1. Have a clear strategy
No firm can be all things to all investors, and based on what I have seen with our clients, the highly successful firms are those that have clearly defined their value proposition and aligned their business to achieve it. These firms have a story about their firm that is consistent and differentiating — everyone in the firm can crisply and succinctly recite their 30-second “elevator pitch” and persuasively express the benefits of their firm. And they promote their firm in the marketplace to create awareness and consideration.
In my interactions with clients, I see four successful strategies emerging:
• focused niche players who strive to do certain things very, very well; for example, building a business around helping CPAs enter the brokerage industry.
3. The number of advisors is in decline.
The advisor population is projected to drop to 281,000 by 2017, representing a compound annual decline of 1.8% since 2012.16
4. Like the investors they serve, advisors are aging, with 39% now age 55 or older.17 This will require firms to help older advisors plan for succession as well as how to successfully bring on new advisors that more closely fit the new investor profile.
A market in transition
In addition to these dramatic demographic changes and evolving investor needs, the financial advice business is undergoing its own transformation:
Numbers of advisors (K)
Broker-dealer profit margins
Source: Cerulli Associates, 2013. CAGR: compound annual growth rate.
Number of broker-dealers
Source: LaRoche Research September 2013. Jan. 2007 sep. 2013
5,976
4,479
25%
deCline
1. Margins across the industry continue to be very thin. Most broker-dealers have already gone through painful exercises of taking costs out of their organizations by cutting staff and making their back office far more efficient.
2. The broker-dealer industry continues to contract and has become increasingly competitive. Since 2007, the number of firms has declined by 25%.15
2012 2017 (projected) 308 281 Cagr
–1.8%
8.0% 6.0% 5.7% 2009 2010 2011Source: LaRoche database, 2006–2012 2006 2009 2012
• new model creators who combine components from various models into one, such as an “independent wirehouse” where advisors can give clients fiduciary advice but are relieved from running a back office because of a centralized infrastructure.
• adjacent business acquirers
who have grown by adding complementary businesses, such as a bank broker-dealer acquiring a corporate trust and mutual fund business.
• scale acquirers who have grown their footprint and gained efficiencies by combining similar businesses.
Firms following these strategies tend to identify goals and have clearly defined metrics for measuring success.
2. Embrace the changing investor
Success in today’s advice market generally demands a deep understanding of the end investor and dealing with a markedly different generation with distinct risk tolerances and technology needs. Armed with a better understanding of the attitudes and preferences of these investors, advisors may be able to improve their approach to ensure they are positioning themselves for success.
In my view, yesterday’s investor was more likely a Boomer focused on retirement with a traditional asset allocation mix and averse to using technology. He or she lets his or her advisor make the investment decisions and check in annually during a face-to-face meeting. Investor 2.0 is more likely younger, uses traditional bank products, and embraces technology to visit his or her money and participate in the investment process.
Taking advantage of the Gen X/Y opportunity requires meeting the needs specific to this segment as well as overcoming their aversion to risk and their mistrust of the market. When working with this group, advisors may want to simplify the investment process, educate them about riskier investments, and leverage new technology to help increase engagement. Advisors might consider discussing more basic financial services like tuition, budgeting, and stock planning.6
Also, advisors might consider using technology as a means to increase engagement. This could include communicating with this group through the use of technology, including smartphones, tablets, social media, text, emails, webinars, and webcams.6
As mentioned earlier, female investors are a sizeable and growing segment, with their own specific investment needs. Women recognize numerous benefits of working with a financial advisor, particularly in the areas of protecting wealth, preventing mistakes, gaining peace of mind, and accessing investment opportunities. Women are more focused on holistic planning than in achieving the greatest investment return, and they are more risk averse, investing more conservatively than men; therefore, women may benefit from investment guidance. Finally, women declare greater loyalty to their advisors, with 45% likely to move assets with their advisor compared with 23% of men.6
The bottom line is to put your advisors in the best position to prove their worth to investors. I call advisors who have proven their worth “Valued Advisors.” Valued Advisors have benefited from clients who are more engaged, trusting, and loyal. Our research shows that Valued Advisors also have benefited from three times the number of referrals, significantly higher share of wallet, and more clients looking to consolidate assets. Unfortunately, only 57% of investors classified their advisor as “Valued.”6
Taking advantage of the
Gen X/Y opportunity
requires meeting the needs
specific to this segment as
well as overcoming their
aversion to risk and their
mistrust of the market.
investor 1.0 investor 2.0
Baby Boomer Gen X/Y
Delegator Validator
Technology averse Embraces technology Focused on retirement readiness Sitting on the sidelines Traditional asset allocation Uses traditional bank products Annual check-in Wants to visit money
The definition of a Valued Advisor is evolving; it’s no longer just about money management but about providing peace of mind, getting to know the client personally, and using technology to enhance the relationship, not replace it. Valued Advisors placed greater focus on long-term goals, more comprehensive planning services, and thoughtfully incorporating technology into their practice.6
3. Attract and engage the right advisors
I believe that the next generation of investors will consume advice differently from their parents’ generation, and advisors should continue to evolve to serve them. Broker-dealers who consider
reorienting the focus of their advisors to support the new advice model may be better positioned to benefit the most from this shift.
In my view, advisors have historically been a rather homogenous group of solo practitioners who may have seen themselves primarily as stock pickers. They spent a lot of time meeting with clients in person and over the phone, and may not have embraced technology as a way to work with their clients.
I believe the advisor of tomorrow — Advisor 2.0 — looks markedly different. She is increasingly likely to be female, younger, culturally diverse, and part of a team of complementary advisors who share a practice. She embraces technology — not only to transact business and service clients efficiently but also to communicate and build client relationships. She has made financial planning an integral and ongoing part of her practice, is much less focused on stock-picking than her predecessors, and is more focused on asset allocation. The resulting efficiencies may enable her to devote a majority of her time to maintaining and strengthening her client relationships.
Driving a focused approach
Reorienting your advisors’ focus may serve as a key to enabling Advice 2.0. Broker-dealers might first consider selecting advisors who closely fit their value proposition. Given the attractiveness of the Gen X/Y and female investor segments discussed earlier, firms might consider putting a plan in place to recruit more Gen X/Y and women advisors. Research suggests that these advisor segments may help drive firm success:
• According to Cerulli Associates, today’s advisor is 50½ years old on average.17 Interestingly, while Gen X/Y advisors are less satisfied than their older counterparts, they were more successful in generating higher assets under management — $64 million versus $61 million for advisors age 48 and older.18
• While women are significantly underrepresented in the advisory space today, more women have been entering the field. The number of female advisors who have less than five years of experience increased by 40% from 2010 to 2012. Female advisors in our study were more successful than their male counterparts, with 2% higher assets under management, and were more satisfied.18
advisor 1.0 advisor 2.0
• Solo practitioner • Works with a team
• Focused on stock picking and commissions • Leads with financial planning • Provides one-to-one advice and communication • Focuses on relationships • Views technology as a disintermediary • Embraces technology
The potential rewards of being a “Valued Advisor”
45%
higher share of wallet*
57%
more services used3x
the number of referrals
18The 2013 Fidelity Advisor Insights Study was an online, blind survey fielded during the period of August 8–21, 2013. Participants included 813 advisors from
across multiple firm types who work primarily with individual investors and manage a minimum of $10M in individual or household investable assets. Firm types included a mix of large and small IBDs, regional broker-dealers, RIAs, insurance companies, wirehouses, and banks, with findings weighted to reflect industry composition. Bellomy Research, an independent third-party research firm, conducted the study.
Source: 2012 Fidelity Millionaire Outlook, March 2012.
Average assets under management
Source: 2013 Fidelity Advisor Insights Study, August 2013.
4. Harness technology
Firms may want to think about how they can help their advisors more fully embrace technology to improve engagement with clients and prospects. In the Advice 1.0 model, an advisor may have feared greater use of technology as a disintermediation threat that might make him less valuable to clients. His typical mode of client interaction was limited to face-to-face meetings and phone calls. In contrast, the advisor in the Advice 2.0 model is enabled by technology to build efficiencies into her practice and to use technology as a way to facilitate communication with and outreach to clients. Tech-savvy advisors participating in our research reported being able to spend more time with clients and focus more on value-added services instead of basic issues.20 These tech-savvy advisors were more likely to work without paper, to use financial planning tools, and to use a mobile device, such as an iPad®, to conduct mobile trading. They used
Our research indicates that teamed advisors were considerably more successful than their
soloist peers, earning 35% more as individuals.
18Supporting teams and, if
appropriate, fee-based products
Next, firms might bear in mind the potential benefits of teaming. Our research indicates that teamed advisors were considerably more successful than their soloist peers, earning 35% more as individuals.18
According to Cerulli Associates, teams seem to work because individual members can focus on different aspects of the client experience and provide better and more specialized services. Teaming can enable advisors to focus on their core competencies, allowing them to increase business and broaden the services they provide to clients.19
Average compensation
Source: 2013 Fidelity Advisor Insights Study, August 2013.
Teaming can also enable senior advisors to focus on client development while providing the opportunity for those who are less experienced to learn more about the business, how to effectively interact with clients, and how to build their network. In addition, teaming can be an effective solution for succession planning and help with business continuity as older advisors begin to retire. Using junior advisors who can double as potential future buyers of practices is also an approach that should therefore be encouraged.19 Teaming can help with focusing on the most profitable clients, as advisors that were part of teams were more than twice as likely to ask less profitable clients to leave.20 According to Monish Kumar from BCG, one way to encourage teaming is to help your advisors agree on what should happen if the team dissolves. This can significantly increase the instance of teaming when combined with other enabling actions.
Finally, firms may want to consider supporting the move to more fee-based compensation structures, if appropriate for their clients. Today, more advisors are still predominantly commission-based (30%) vs. predominantly fee-based (25%). Advisors who were predominantly fee-based, however, had 38% higher assets under management, earned 51% more in compensation, and were more satisfied than advisors who were predominantly commission-based.18
20The 2012 Fidelity Broker and Advisor Sentiment Index was fielded through an online survey during the period of March 15–29, 2012. Participants included 1,207
advisors from across multiple firm types who work primarily with individual investors and manage a minimum of $10 million in assets under management. Firm types included a mix of large and small IBDs, regional broker-dealers, banks, wirehouses, insurance companies, and RIA firms, with findings weighted to reflect industry composition. Bellomy Research, an independent third-party research firm, conducted the study. The data reflect a margin of error of +/–3%.
Soloist Teamed
+35%
$ Th ous an ds 224 303 Commission-based Fee-based $ M illi on s+38%
$50 $69new channels of communication such as blogs, LinkedIn®, Facebook, and Twitter, to engage with clients and prospects. They were more likely to encourage their clients to use online self-service tools so they could “visit their money.” And they seem to be using technology to their advantage: assets under management were 8% higher for this group, and they were more satisfied with the firm they work for and with their book of business.20 The use of technology will only become more important as a driver of success given the explosive growth of mobile devices and the increased desire from both advisors and investors to be able to view their accounts and transact while “out of the office.”
5. Drive operational excellence
Technology is not just an enabler for better client collaboration but may also be a driver of operational efficiency. To allow advisors to provide scalable advice, broker-dealers may want to consider reviewing the efficiency of their infrastructures and automating their internal processes so they are as efficient as possible. I believe that better use of technology to connect investors, advisors, and the middle office is the next frontier for efficiency improvements and potential risk reduction.
Imagine a paperless office where investors, advisors, and the home office can do almost all tasks without paper. Investors access their account information online or through their mobile phone or iPad. They no longer receive paper-based statements of communications, as they’ve opted for eDelivery to simplify recordkeeping and reduce the threat of mail fraud. The paperless office may also increase advisor efficiency and productivity, so advisors can spend more time building their business. Their workflow is automated and standardized, with fewer clerical errors, because account openings and asset transfers are completed online with e-signatures. Advisors are able to access their book of business and place trades virtually any time and anywhere, and they’re able to collaborate with their investors online.
Lastly, the home office can better supervise accounts with online risk monitoring and compliance tools, allowing firms to manage their business
risk more efficiently and with more cost predictability, and to maintain pace with changing regulations, with the flexibility to apply their rules their way. The reality of the paperless office is not far off, and firms aspiring to this approach have the potential to enhance the advisor-client relationship while improving efficiency and reducing risk.
Advice 2.0: A new advice
model for a new world
The world continues to evolve, and the advice business needs to move ahead with it. In this paper, I proposed a reconfiguration of the advice model to a new Advice 2.0 model that broker-dealers may want to consider. Advice 2.0 requires that broker-dealers have a clear strategy and that they bring on advisors who are a good fit with their value proposition. It requires that advisors have a deep understanding of the
“Technology has made my
financial advisor more valuable.”
Source: 2012 Fidelity Millionaire Outlook, March 2012.Without Valued Advisor With Valued Advisor Percentage of respondents who
“strongly agree” or ”agree” with statement
48%
76%
76%
changing needs of today’s investor — from both a demographic and a psychographic perspective. It requires that broker-dealers look to transform their advisor force by considering teaming to better serve clients and viewing technology as an enabler for building better client relationships.
Lastly, Advice 2.0 requires that broker-dealers ensure that their advisors focus on financial planning and employ technology to help improve margins and lower risk.
While it’s anybody’s guess what lies ahead, economic and market conditions are likely to remain challenging. I believe that the broker-dealers that are most likely to survive — and thrive — in this
challenging environment are those that commit to making the changes these times demand.
I believe Advice 2.0 may be a good place to start.
I believe that better use of technology to connect investors, advisors,
and the middle office is the next frontier for efficiency improvements
and potential risk reduction.
national financial
20 0 se Aport boulevArd boston, mA 02210
1“Despite Gains, Many Flee Stock Market,” the Wall Street Journal, October 23, 2012.
2“For Many Financial Advisers, Stocks Become a Hard Sell,” the Wall Street Journal, December 10, 2012. 3“Retail Investor Product Use 2013: Impact of Change in Investor Risk Appetite,” Cerulli Quantitative Update. 4“Segmenting U.S. Investors, 2010,” Forrester Research, July 19, 2010.
5U.S. Census Bureau, 2010.
62012 Fidelity Millionaire Outlook, March 2012.
7“X, Y, and $: Capitalizing on the Next Wealth Boom,” HNW Wealth News, January 2013.
8“Social Media’s Growing Influence Among High Net Worth Investors,” Cogent Research in partnership with LinkedIn, May 2012. 9“The Female Economy,” Harvard Business Review, September 2009.
10“Women, Money and Power,” TIME, March 26, 2012.
11“Investing Wisely: What Women Need to Know,” WomensMedia.com, April 24, 2011.
12Spectrem Group, Study of Wealthy Women Investors, June 2011.
132011 Fidelity Couples Retirement Study, May 2011.
14“Women Want More (in Financial Services),” The Boston Consulting Group (BCG), October 2009.
15LaRoche Research, September 2013.
16Cerulli Advisor Market Sizing 2013.
17Cerulli Quantitative Update, Advisor Metrics 2012.
182013 Fidelity Advisor Insights Study, August 2013.
19Cerulli Quantitative Update, Advisor Metrics 2011.
202012 Fidelity Broker and Advisor Sentiment Index, March 2012.
For investment professional use only. Not for distribution to the public as sales material in any form.
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