Cerulli Associates recently released a report indicating that affluent investors rely more on their financial advisors and the firm expects that reliance to increase.

The Cerulli Report—U.S. Retail Investor Advice Relationships 2023 -- states that Cerulli foresees a growing demand for holistic advice as investors aim to optimize their efforts to pursue their financial objectives. Cerulli estimates that U.S. investors collectively hold over $55 trillion in total financial assets, a decrease from the previous year's $65 trillion, resulting in approximately 300,000 households dropping out of the high-net-worth category.

With the mass affluent increasingly prioritizing asset preservation, Cerulli's research has shown a heightened appetite for financial advice and a willingness to pay for it. Over the past year, the proportion of "advisor-reliant" investors has risen from 36 percent to 41 percent among affluent investors as self-directed investors and advice seekers seek to engage with trusted advisors.

According to The Di Wire, Cerulli suggests that advisor practices should prioritize ongoing discovery and relationship building as a crucial component of their client experience.

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