philipp hecker is a co-founder and the ceo of bento engine, a fintech at the intersection of technology and impactful wealth management advice. at j.p. morgan he founded and led the wealth planning & advice organization. he holds an mba from harvard business school.

fifteen age-based client milestones for advisors to note.

by philipp hecker
the holistic guide to wealth management

despite the significant growth of the u.s. wealth management industry over the past few decades, the state of advice in this country falls short of its potential. americans deserve more and better advice beyond just investment-related matters. several concerning statistics highlight this issue:

• a caring.com survey finds that a staggering 67 percent of americans pass away without a will, lacking even the most fundamental trust and estate documents.
• an edward jones survey finds just one in five u.s. parents have saved, or are planning to save, for their children’s education using a 529 plan. in fact, two thirds (67%) of survey respondents said they were not aware of the features and potential tax benefits of 529 plans.
• vanguard data finds that just one in six retirement account holders over age 50 are making catchup contributions to which they are eligible.

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our firm’s research found that three in five investors (60%) who have advisors are not getting the guidance they need about making retirement catchup contributions, while two in five (40%) lack clarity about fundamental decisions around the optimal timing for initiating social security benefits.

imagine what it’s like for the majority of americans who don’t have financial advisors.
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