Banks Need to Play Catch Up on Financial Planning

Kehrer Bielan research estimates that 11% of US households have a written financial plan, but only 10% of those financial plans were obtained from a bank or credit union. This means only 1% of US households have obtained a financial plan where they bank.


Those metrics have to change if financial institutions are going to prosper as the DoL Fiduciary Standard is adopted.  As investment advice is commoditized, investment services businesses have to find ways to differentiate their offering.

Why financial planning?  Clients who are attracted to financial planning have more investible assets, are more likely to have already invested where they bank, and are more willing to pay for financial advice.

Learn more about the households that own financial plans, and how to engage with them with this complimentary consumer study from Kehrer Bielan:

The New Importance of Financial Planning—Part 1
Who Has a Financial Plan

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