Ever feel like you’re a five-star chef who’s only ever asked to make toast?
You’ve spent years building a comprehensive suite of services. You can handle everything from complex estate planning and insurance needs to college savings and charitable giving. You’re a financial Swiss Army knife. Yet, when you sit down with some of your best, most affluent clients, the conversation always seems to circle back to the same two things: retirement planning and investments.
It can be a little frustrating, right? You know you can help them in so many other areas of their financial lives, but it feels like there’s an invisible wall.
Well, you’re not imagining it. This is a real, widespread challenge in our industry. Some fascinating new research just came out that puts a spotlight on this exact issue, and I think it’s worth talking about. It gets to the heart of how we can build deeper, more meaningful—and frankly, more resilient—relationships with the people we serve.
The Real Story: What the Numbers Tell Us
A recent report from Cerulli, the Cerulli Edge—U.S. Retail Investor Edition, really dug into this. They found that across the board, advisors offer an average of about six different financial planning services. That’s a pretty solid offering.
But here’s the kicker: clients tend to use way fewer of them.
The two services that get all the attention? You probably guessed it: retirement income and accumulation planning. And look, that makes perfect sense. As John McKenna, a research analyst at Cerulli, pointed out, the looming reality of retirement is often the main reason someone seeks out an advisor in the first place. It’s the big, hairy, audacious goal on the horizon, and people want a guide to help them get there.
Most advisors also offer help with insurance, college funding, cash management, and even more specialized high-net-worth services like estate and tax planning. But for some reason, these often get left on the shelf.
It’s like you’ve built this incredible, all-inclusive resort, but your guests are only using the swimming pool. They’re missing out on the spa, the gourmet restaurants, and the championship golf course—all the things that make the experience truly world-class.
So, Why Is There Such a Disconnect?
This is the million-dollar question. If we’re offering these valuable services, why aren’t our clients taking us up on them? It’s not because they don’t need them. The reasons are a bit more subtle and have everything to do with perception and communication.
They’ve Put You in a Box
Think about it from the client’s perspective. For many, you’re their "investment person" or their "retirement guru." They’ve mentally filed you away in a specific category.
So when a different kind of financial need pops up, like figuring out long-term care insurance for their parents or setting up a trust, their first thought might not be to call you. McKenna from Cerulli explains that clients often don't associate things like elder care or insurance with their primary advisory relationship. They might see those as completely separate issues to be handled with another firm or even on their own.
It’s not a knock on your abilities; it’s just a matter of mental conditioning.
You’re Doing More Than They Realize
Here’s another interesting twist. Sometimes, you are providing these extra services, but your clients don't even know it.
Imagine you’re strategically managing a client's portfolio to be as tax-efficient as possible. In your mind, you’re providing tax planning services. But to your client, it just looks like good investment management. They see the result (hopefully, better returns!), but they don’t see the intricate work you did behind the scenes.
It’s like a great film score. It enhances the entire movie-watching experience, but most people aren’t consciously aware of it. They just know the movie was fantastic. The value is being delivered, but it isn’t being communicated.
How to Close the Gap and Show Your Full Value
The good news is that this isn't an unsolvable problem. In fact, Cerulli’s research suggests that your diverse service offering is a huge competitive advantage—if you know how to showcase it. It all comes down to being more proactive and intentional in your communication.
Here are a few ideas that can make a massive difference.
1. Reframe Your Conversations
Stop letting the conversation be just about market returns and account balances. Start framing everything in the context of your client’s life goals.
Instead of saying, "We rebalanced your portfolio," try saying, "We adjusted your investments to better protect the money you've set aside for your daughter's college fund, while also minimizing your tax bill for this year."
See the difference? The first statement is about an action. The second is about their life. This simple shift helps them see the services you’re already providing that they might have been blind to before. You’re connecting the dots for them.
2. Turn Your Review Meetings into Discovery Sessions
Your annual or semi-annual review meetings are the perfect opportunity to go deeper. Don’t just review performance. Use this time to rediscover what’s going on in their lives.
Ask open-ended questions that go beyond their investable assets:
- "How are your parents doing? Have you had any conversations about their future care?" (Opens the door to elder care and long-term care insurance.)
- "What are your thoughts on what you’d like your legacy to be?" (Opens the door to estate and charitable planning.)
- "Now that the business is doing so well, have you thought about a succession plan?" (Opens the door to business planning.)
These questions show you care about their entire financial picture, not just the slice of it you manage directly.
3. Be the "Quarterback" for Their Financial Life
You don't have to be the expert on everything. In fact, trying to be can sometimes undermine your credibility. For services that are a bit further afield, like specialized insurance or elder care logistics, the most powerful thing you can do is have a trusted network.
As McKenna suggests, recommending an in-house specialist or a vetted third-party partner is a massive trust-builder. When you say, "I have the perfect person to help you with that," you’re not passing the buck. You’re becoming their go-to resource, the central hub for all their financial needs. You’re the quarterback who knows which play to call and which specialist to bring onto the field.
That kind of trust deepens a client relationship for years, sometimes even for generations.
Ultimately, this isn't about trying to sell more services. It’s about serving your clients more completely. They came to you for guidance on their journey, but right now, many are only letting you help them pack for the trip. By opening up the conversation, you can help them navigate the entire journey, ensuring they not only reach their destination but enjoy the ride along the way. And that’s a win for everyone.
