Ninety-five percent of advisors say their clients ask about advice on held-away assets, which are accounts not actively managed by someone affiliated with the advisor’s firm. These could include self-directed investments and retirement accounts.
However, almost four out of five advisors say they do not have access to a complete view of their clients’ financial picture, including held-away assets. Despite this, almost three-quarters of advisors say that they are advising clients on their held-away assets. Of that group, only 20% charged for this service.
Of the advisors who said that they did not provide help on held-away assets, almost half said that they thought it took too much time to collect this information.
More than 80% of survey participants said that they were interested in evaluating providing advice on held-away assets as a valued-added service for clients, Fiserv said Wednesday.
The survey, conducted in the fall, included responses from 603 U.S. financial advisors with more than 10 years of experience as RIA, wirehouse, independent broker-dealer and insurance broker-dealer representatives.