Study: Advisor Tenure Isn’t Enough, Especially for HNW Clients

KING OF PRUSSIA, Pa. — May 6, 2026 — The American College of Financial Services (“The College”), the nation’s largest nonprofit educational institution devoted to financial services and host of the industry-leading retirement experience, Horizons, announced today the results of its Advisor Expertise Study 2026.

Based on a survey of 478 financial professionals fielded in March 2026, the study found that advisors report offering an average of five out of eight major planning services. When asked to identify their top three offerings, advisors most often cited general financial planning (69%), retirement income planning (66%), and portfolio management (54%). However, the study suggests that while retirement income planning is frequently offered, it is far less frequently delivered at an advanced level.  

The Advisor Expertise Index, inspired by Bloom’s Taxonomy, scores advisors on demonstrated skill level across eight planning categories, with possible scores ranging from 0 to 60 and segmented into basic, intermediate, and advanced expertise. The findings show that experience alone is not a reliable indicator of expertise. The study found no relationship between years in the field and an advisor’s level of expertise, and it reveals that 51% of services are being delivered at only basic or intermediate skill levels, compared to 49% at an advanced level.

“Clients assume tenure equals skill, but our research shows that years of experience alone do not determine expertise,” said Jared Trexler, senior vice president and chief marketing and strategy officer at The American College of Financial Services. “The Advisor Expertise Index helps clarify where expertise gaps exist, particularly in highly complex areas like tax planning and retirement income planning, and it underscores how structured education can help advisors deliver the advanced-level service clients increasingly expect.”

The largest expertise gaps appeared in retirement income planning and tax planning. Nearly six in 10 advisors who say retirement income planning is among their top services demonstrate only a basic or intermediate level of proficiency, and the same is true of tax planning – with 57% of advisors who offer it as a top service not delivering it at an advanced level. Researchers believe this suggests that many generalist advisors are offering specialized services without demonstrating advanced-level expertise.

The study also found a strong relationship between expertise and the types of clients advisors serve. Across categories, advisors with higher expertise scores were more likely to have high-net-worth clients with at least $500,000 in investable assets. The difference was particularly striking in tax planning: advisors with advanced tax planning expertise were estimated to have 75% of clients in the high-net-worth range, compared to 35% for those delivering tax planning at a basic level.

“The Advisor Expertise Index is an example of how The College gives back to the profession and advances its mission through applied academic research,” said Chet R. Bennetts, PhD, CFP®, CLU®, ChFC®, CLF®, RICP®, department chair and associate provost. “The findings of this study tell an important story for the profession by demonstrating that years of experience alone do not predict expertise. In fact, tenure is slightly negatively associated with proficiency. That should get our attention. If advisors are not committed to lifelong learning, there is a real risk that the quality and sophistication of their advice will fall short of what clients expect and deserve. That is exactly the kind of gap The College is built to help close.”

The research suggests professional education, particularly knowledge that spurs immediate application, can play a meaningful role in closing expertise gaps. Advisors with designations from The College scored higher on the Advisor Expertise Index than those without, and advisors with multiple designations demonstrated an even stronger advantage. The study also highlighted retirement income planning as a critical specialization area, noting that only four in 10 advisors who offer retirement income planning as one of their top services are delivering at an advanced level (43%). Advisors who hold The College’s Retirement Income Certified Professional® (RICP®) designation were 16 percentage points more likely to demonstrate advanced expertise in retirement income planning than those who do not (56% vs. 40%).

Read the full results on the study microsite.

For more information, contact:

Sarah Tremallo
908-967-0381 | americancollege@jconnelly.com

Jared Trexler
610-526-1268 | jared.trexler@theamericancollege.edu

About The American College of Financial Services

The American College of Financial Services is the nation’s largest nonprofit and accredited educational institution devoted to financial services professionals. Nearly one in five advisors or agents is an alum of The College. The College offers a learning platform that includes professional designation, certification, and degree programs and encompasses early-career foundational knowledge as well as deep, specialized education in tax, retirement income, philanthropy, risk management, and more with the highest-quality combination of rigor and relevance. The College’s faculty represents the foremost thought leaders in the financial services industry. Its educational programs, research, and events offer professionals the opportunity to expand earnings, deepen relationships, and deliver improved client outcomes.

Visit TheAmericanCollege.edu to discover all the ways to gain expertise for every stage.

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