Back in 2017, Fidelity introduced a concept to help wealth management firms maximize the value they deliver to clients and grow their businesses.
Inspired by Bain & Company’s “Elements of Value,”1 the Advice Value Stack articulates how investors assign value in the advice relationship.
- Fulfillment: Working toward the achievement of life’s purpose and leaving a legacy
- Peace of mind: Helps investors feel less anxious and more in control of their financial lives
- Achieving goals: Financial planning is critical to helping investors set and reach goals around retirement, college, and charitable planning
- Managing the money: This is the foundation of financial advice; it includes everything from asset allocation to insurance to cash flow
Based on how investor perceptions of value are changing, the Advice Value Stack suggests that while managing the money is foundational, advisors can further add value by helping clients achieve their goals, increase peace of mind, and ultimately find fulfillment. By embracing the Advice Value Stack and augmenting their value proposition to clients, advisors can achieve status as a most trusted advisor while getting paid for the value they deliver. Click here for Fidelity Institutional Insights “5 Steps to Stand Out in Every Environment”, a guide to help advisors build a holistic, relationship-based business to deliver across all levels of the Advice Value Stack®
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