(Cerulli Associates) - Affluent investors are increasingly willing to pay for financial advice. In 2010, just 38% of affluent investors said they were willing to pay for advice, compared with 68% in 2025. This 30-percentage-point increase can be attributed in part to greater accessibility of financial advice, continued fee compression across both advisors and product fees, and the proliferation of fiduciary advice, according to the latest Cerulli Edge—U.S. Managed Accounts Edition.
Investors’ willingness to pay for advice increases as household financial assets grow, reflecting the added complexity that accompanies greater wealth. Cerulli’s research finds 75% of high-net-worth investors with $5 million or more, along with 64% of those with between $2 million and $5 million, say they are willing to pay for advice.
“As an individual's wealth grows, taxes become more burdensome, financial and estate planning becomes more complicated, and additional investment products (e.g., separately managed accounts, alternatives) become more accessible,” says Michael Manning, research analyst. “Investors encountering these challenges for the first time naturally need assistance navigating the numerous complex variables linked to asset growth. The value of financial advice now extends beyond higher market returns,” he adds.
However, even among those with less than $100,000 in financial assets, just 34% say they are not willing to pay for financial advice. Despite the clear link between wealth and willingness to pay, investors across all wealth levels show they want advice and are willing to pay for it.
“There remains a segment of investors who are not interested in paying for advice and prefer no-fee self-directed platforms,” says Manning. “Whether this is due to lower financial assets or do-it-yourselfers managing their own portfolios, they may require advice at some point in their lives. Firms operating these self-directed platforms must create a path of least resistance for these clients to transition from self-directed to advised during that time of need, or they will seek advice elsewhere,” he concludes.
By Cerulli Associates
April 9, 2026
