Financial advisors need to stop selling themselves short.
The advisory industry too often discounts the value it provides to investors, said Morningstar CEO Kunal Kapoor said in his opening keynote address on Wednesday to attendees at the 2017 Morningstar Investment Conference in Chicago.
“There is a gap in terms of the perception of the value of your work,” said Kapoor. “We want to make sure that we bring that value to light.”
According to Kapoor, sound financial planning can help investors generate 29 percent more income in retirement.
Kapoor also warned of a growing conflict between advisors seeking to aggregate client information and large institutions attempting to protect consumer privacy.
“It is our feeling that it’s going to be harder and harder to get access to information in the way it’s available today,” said Kapoor.