As the world of financial advice evolves, so do the services that advisers provide to clients, the business models by which we operate and the labels that we use to describe ourselves. In the past 50 years, our titles have changed from insurance agents and stockbrokers to financial advisers and financial consultants, to financial planners, and now wealth managers.
This ongoing differentiation appears to moving toward an ever-more-holistic model that United Capital, the RIA, has dubbed “financial life management.” In this approach, planners increasingly focus on advising clients on work, employment and spending behavior. Research finds that consumers consider these the real focus of their financial life story, rather than their savings and investment portfolios.
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