Envestnet(US:ENV) Prnewswire·2024-07-10 12:00Core Insights - The 2024 Advisor Perspectives Survey by Envestnet reveals key trends and opportunities in the financial advisory industry, emphasizing the importance of holistic advice, fee-based models, integrated technology, and strategies for organic growth [1][3][4][6]. Group 1: Holistic Advice - Advisors identify holistic advice as the largest untapped opportunity in wealth management, with nearly half of wealth clients preferring professionals who can address financial needs across various domains [3]. Group 2: Fee-Based Models - Advisors affiliated with brokerage firms expect to increase their fee-based asset mix by 11 percentage points over the next five years, indicating a shift towards more transparent compensation models [4]. Group 3: Technology Preferences - A significant preference for all-in-one technology solutions is noted, with nearly three times as many advisors favoring integrated systems over point solutions, highlighting the need for operational efficiency and seamless client experiences [5]. Group 4: Organic Growth Challenges - Despite 71% of advisors considering organic growth very important, the median advisory firm experienced only 2-3% growth in assets, excluding market appreciation, suggesting a need for rethinking strategies around business functions and marketing [6]. Group 5: Next-Gen Investors - There is a growing focus on serving younger investors, with 36% of advisors planning to enhance tools and advice for this demographic within the next two years, necessitating the adoption of modern client portals and mobile applications [7][8]. Group 6: Additional Insights - The survey also explores areas such as investment alpha, maximizing firm valuation, high-net-worth services, and the increasing emphasis on client portals, indicating a comprehensive approach to understanding industry dynamics [8].