FPA and Allianz: 74% of surveyed planners will spend more time per client relationship

A survey of 387 planners, released on September 18, 2024 by the Financial Planning Association and Allianz Life, found 74% will spend more time managing each client relationship. Another 67% said they will evolve their business model to accommodate more clients who view planners as collaborative partners.

According to the release, 88% of surveyed planners plan to learn more about clients’ values and beliefs so those can be incorporated into financial plans. That is higher than the 74% committing more time per relationship or the 67% planning a business-model change.

Planners with fewer than five years of experience were more likely to say they would evolve their businesses than those with 15 years or more, 74% versus 63%, according to the release.

Planners at specialized firms were especially likely to agree they would need to adapt their business model to serve more clients who see planners as collaborative partners — 73%, according to the release.

Financial planning is “a young but rapidly evolving profession,” said 2024 FPA President Claudia Kane, CFP, pointing to growing awareness of long-term planning goals, advances in financial technology and a more diverse client base. She said the research captured how planners think they may need to change their businesses and their client engagement.

The release does not report a margin of error or describe how the 387 planners were selected, so the percentages reflect the planners who answered rather than a representative measurement of the profession.