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SunGard and CEB TowerGroup Paper Asserts Financial Planning is the Hub of Wealth Management

A new white paper by CEB TowerGroup analysts, commissioned by SunGard, reveals the importance of goal-based financial planning in wealth management firms’ ability to attract and retain new clients, satisfy advisor demand, and create client loyalty and cross-sell relationship opportunities. The paper, “Shifting to the Center: Financial Planning is the Hub of Wealth Management,” is based on a detailed adoption and investment analysis of key technologies in the wealth management space, including the needs and preferences among end users and executives.

Among the key findings of the report are:

  • 68 percent of surveyed global high-net worth (HNW) clients, and 69 percent of North American HNW clients, do not have a formal financial plan to achieve long-term goals
  • 97 percent of clients who rated their planning experience as excellent are not at all likely to switch to a new firm in the next 12 months
  • 78 percent of advisors rank financial planning technology as important, but only 50 percent rank that technology as effective
  • 46 percent of surveyed executives indicated that they plan to increase their spend on financial planning technology

“This paper uncovers the untapped needs of the many clients who have yet to establish a formal financial plan. Different clients require different planning capabilities, and firms that meet these varied needs across multiple channels not only increase client loyalty, but also open up opportunities to introduce additional product and service offerings.” – CEB TowerGroup research director, Darrin Courtney

“Goal-based investing raises the bar for the financial planning process. Besides driving the client’s savings goals and their target asset allocation, the financial plan now becomes the benchmark upon which future account performance is measured. That makes the financial planning process a key component of every conversation an advisor has with his or her client. SunGard’s financial planning and asset allocation tools help ensure that client goals are adequately funded, allocated and monitored.” – Scott Parry, EVP & general manager - advisory and investment services, SunGard’s wealth & retirement administration business