Adviser or planner? A clear distinction and earnings difference

The NextWealth Financial Advice Business Benchmarks report based on a survey of 244 financial advice professionals conducted between 11 July and 21 August 2023 showed that 60% describe themselves as advisers and 31% describe themselves as planners. It found that financial planners were early adopters of cashflow modelling, with 54% using cashflow modelling compared to 18% of advisers. Meanwhile, planners charge more than advisers at 70.2 basis points (bps) compared to 60.1 bps for those who define client-facing staff as advisers. Planners also have clients with higher average clien...