News: Financial Advisors Anticipate Complete Return to Normal in 2021

Financial Advisors Anticipate Complete Return to Normal in 2021 According to New Discovery Data Research

Report highlights workplace, product adoption, and recruiting trends in the financial services industry.

EATONTOWN, NJ — March 2, 2021 — According to new research from Discovery Data, the market leader in data, insights, and analytics for the financial services and insurance industries, financial advisors anticipate a complete return to normal business practices within the next 6 to 12 months. With this forward-looking sentiment pointing towards a return to normalcy, advisors also shared key factors influencing their decision making in 2021 in Discovery Data’s Financial Advisor Outlook report.

To capture current trends, Discovery Data conducted a survey to advisors covering varying topics from advisors’ desire to return to a place of business, to what would motivate them to change firms, and likelihood to adopt new investment and technology products. The results were then tallied across various sub-groupings to offer a holistic view of trends within the financial advisory profession.

While ETFs and mutual funds remain the gold standard, only 9% of advisors reported having invested in alternatives in the past. The majority indicated they either didn’t know enough or were interested to learn more about alternatives, clearly demonstrating there is an opportunity for product distributors to educate advisors about the unique value proposition of alternative assets.

The report also found advisor recruiting trends varied based on tenure. Mid- and late-career advisors are much more concerned with maintaining a book of business when moving firms. However, one of the main considerations for early-career advisors was being associated with a well-known brand.

“With 2020 being a challenging year for advisors—and the nation as a whole—Discovery Data is committing our research efforts to better empower advisors and those who work in the ecosystem,” stated Saleem Khan, Chief Data and Analytics Officer of Discovery Data.

Although the ‘new normal’ has impacted a financial advisor’s approach to face-to-face interaction, advisors were able to maintain their book of business with gains in assets under management, even in a virtual setting.

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About Discovery Data
Discovery Data is the leading provider of data, insights, and analytics on the firms and people driving the financial services and insurance industries across North America. The top asset and wealth management, fintech, media, consulting, and insurance companies turn to Discovery Data to improve their business performance.