The wealth management industry is converging on a holistic advisory model that prioritizes financial planning, broader service offerings, and deeper client engagement. Holistic advisors address psychological aspects of wealth, serve more retirees and professionals, and provide a wider range of traditional and nontraditional services. They also generate more diversified revenue streams, reducing reliance on AUM fees. This model has proven more resilient and profitable, as shown by holistic practices outperforming nonholistic ones in client growth, wallet share, and revenue during the 2023 market recovery.

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