Financial advisors are expanding well beyond traditional portfolio management in an effort to deepen client relationships, sharpen their competitive edge, and deliver more holistic financial outcomes. Yet a new Cerulli Edge—U.S. Retail Investor Edition report shows that affluent clients continue to engage with only a narrow slice of the services available to them. The result: a widening disconnect between what advisors offer and what investors use—one that is costing firms visibility, client stickiness, and perceived value. 

According to Cerulli, advisors across all distribution channels now provide an average of 6.1 out of 11 core financial planning services, reflecting the industry’s broader shift toward comprehensive wealth management. As expected, retirement income and accumulation planning remain the most widely offered and most frequently used services, aligning with clients’ long-standing priority of securing a predictable retirement outcome. 

But client uptake outside of retirement remains limited. Retail investors report using just under three services on average with their primary financial provider—less than half of what advisors make available.  

The gaps in specific service categories are striking: 

• Insurance planning: 67% of advisors offer it, yet only 17% of investors rely on their advisor for this service. 

• Tax planning: 47% of advisors provide it, but just 14% of clients tap their advisor for tax-related guidance. 

• Estate planning: Offered by 52% of advisors but utilized by only 19% of clients. 

• Charitable giving and legacy planning: Offered by nearly half of advisors but used by less than 15% of investors. 

This misalignment doesn’t necessarily indicate a lack of demand—it often reflects a lack of awareness. “It is very possible that advisors already offer these services within client portfolios as a core offering, but that they are not effectively being communicated to the client,” said John McKenna, research analyst at Cerulli.  

“Satisfied clients are the most willing to say the value of the advice they receive is worth the expense, but competitive positioning relies on knowing their advisor is doing more than just focusing on returns and collecting fees,” he said. 

The data suggests the industry’s next frontier isn’t expanding service menus—it’s closing the communication gap. Cerulli emphasizes the importance of in-depth discovery conversations that map a client’s full financial picture, including non-investable assets, liabilities, insurance holdings, and outside advisory relationships. These conversations help advisors surface needs clients may not articulate on their own and allow them to position themselves as the central hub of the client’s financial life. 

By highlighting lesser-known services—such as insurance optimization, tax-aware investing, behavioral coaching, credit and lending solutions, and holistic financial wellness—advisors can deepen relationships, increase wallet share, and strengthen their value proposition in an increasingly competitive market. 

“As advisors demonstrate the full breadth of their capabilities—while respecting client preferences and comfort levels—they can unlock broader engagement and reinforce their role as a trusted, long-term partner,” McKenna said.