While financial advisors have traditionally been viewed as investment managers, the landscape has undergone a profound transformation in recent years.
Experts in their respective fields, they were often seen as professionals whose main role was to grow client portfolios and beat market benchmarks. Their success was often measured in terms of returns, asset allocation strategies and product selection. While this model served many clients during times of market success, it has often fallen short in terms of addressing the broader financial concerns that shape individual’s lives, including cash flow planning, debt management, savings strategies, tax efficiency and legacy planning.
Today, the trend has started shifting toward advisors focusing on comprehensive financial planning. Consumers have started seeking advisors who act as holistic guides, helping them navigate complex financial decisions with a focus on long-term goals and personal values. This shift reflects a growing awareness that true financial well-being extends beyond investment returns. It encompasses every aspect of a person’s financial life, from managing cash flow to preparing for major life transitions. As a result, planning-first advisors are gaining traction, and reshaping the way financial advice is given.
Origins of the Investment Manager Model
For much of the 20th century, the role of a financial advisor was largely synonymous with investment management. Advisors were often affiliated with brokerage firms, compensated through commissions and focused on selling financial products (mutual funds, stocks, etc.) that promised strong returns. This model thrived in an era where access to markets and overall financial literacy was limited. As time has gone by and technology has become an increasingly significant part of our lives, the average investor has become more financially savvy. This is where the limitations of the traditional, investment focused advisor approach became apparent.
Individuals and families now want to be fully immersed in the experience. They want to take an active role in any decisions and develop a full understanding of why they’re making them.
The Rise of Holistic Financial Planning
As clients’ net worths increase, so is their demand for a more tailored and full-service financial planning approach. In order to meet this demand, advisory firms are starting to change their organizational structures and offerings to align with the trends.
Firms are looking to implement a team approach to their business model. The higher the client’s net worth is, the more complex their overall advising needs become. These needs range from estate planning to business succession planning. A single advisor that primarily advises on investment planning will not be able to provide expertise across all areas.
A team approach allows experts of various fields to work together for the betterment of their clients. The demand for Certified Financial Planners (CFP) has also been on the rise, as the demand for a holistic approach increases. In 2024, the number of CFPs hit an all-time high with over 230,000—a 3% increase from the prior year. Additionally, clients who worked with CFPs reported a “better quality of life, greater financial confidence and resilience, and higher satisfaction in their financial situations.”
The Importance of Being a Fiduciary
A fiduciary financial advisor can be described as a “professional entrusted with the responsibility to act in the best interest of their clients.” These fiduciaries are held to higher standards than the more traditional advisor, who may only recommend investments that they believe are suitable for their clients. These “suitable” investments may include a larger commission check for the advisor.
Fiduciaries, however, must act in the client’s best interest while pushing their own interests aside. Knowing someone is obligated to have your best interest in mind brings peace of mind.
Conclusion
The evolution of financial advising reflects a broader cultural shift toward intentional, personalized financial wellness. As clients grow more financially literate and their needs become increasingly complex, the demand for comprehensive, planning-first advisors continues to rise.
This new model prioritizes long-term goals, life transitions and fiduciary responsibility over product sales and market performance. Firms are adapting by embracing team-based structures and credentialed professionals like CFPs, who offer specialized expertise across all areas of financial planning. The fiduciary standard further reinforces trust, ensuring that advice is given with the client’s best interest at heart. Ultimately, this transformation marks a move away from transactional relationships and toward deeper, more meaningful partnerships between advisors and clients. In a world where financial decisions impact every aspect of life, the planning-first approach is not just a trend—it’s becoming the new standard for delivering value, confidence and clarity in personal finance.
To learn more about Busey Wealth Management’s holistic services or to find an advisor near you, visit busey.com/wealth-management.
This is not intended to provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients should obtain their own independent tax advice based on their particular circumstances.
This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.
This presentation is for general information purposes only. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client.
