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Is financial planning a core part of your service model?

Create a planning-centric culture.

There's power in planning.

Despite the benefits of offering financial planning to clients and members, financial institutions have been slow to make financial planning core to their business. Ameriprise Financial Institutions Group collaborated with Kehrer Bielan Research & Consulting to survey banks and credit unions and report on the Status of Financial Planning in Financial Institutions. Our research goal – to better understand how financial planning is being delivered to bank clients and credit union members and identify best practices to help financial institutions more effectively share the value of planning.

Key takeaways:

  • Households with a financial plan from a bank or credit union keep 85% more of their savings and investments there. 
  • Households with a financial plan are twice as likely to have a great deal of confidence in their financial future.
  • Financial institution advisors that deliver a household's plan solidify their position as the household's primary advisor in 99% of cases.

Fees don’t necessarily deter clients from financial planning.

Some institutions worry clients will be turned off if asked to pay for a financial plan and that their financial advisors will be uncomfortable explaining fee structures. However, the data suggest that these concerns are unfounded. In fact, institutions that charge for the financial plan at least some of the time engage more new households in financial planning relative to their opportunity, as compared to institutions that never charge for the plan.

To access the Status of Financial Planning in Financial Institutions, click here.


Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Kehrer Bielan: The Status of Financial Planning in Financial Institutions Nov. 2020.

Kehrer Bielan is not affiliated with Ameriprise Financial.

Ameriprise Financial Planning Service is generally appropriate for clients and prospects with financial goals and sufficient financial assets and income to address those goals. These clients must also have a willingness to pay an investment advisory fee for advice in helping them achieve those goals.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.