How Leading RIAs Are Redefining Client Value Through Tax Planning

The forces reshaping what clients expect

Several forces are converging at the same time, and together they are fundamentally changing what a competitive advisory practice looks like.

Fee compression is eroding the investment-management moat

The commoditization of investment management has been accelerating for years. Low-cost index funds, robo-advisors, and direct indexing platforms have made it increasingly difficult to justify advisory fees on portfolio construction alone. Advisors who compete primarily on investment returns are competing on terrain that is getting harder to defend. The advisors gaining ground are the ones redefining what the fee covers.

Clients expect more — and are willing to switch to get it

High-net-worth clients increasingly treat their advisor relationship as a comprehensive financial partnership, not a portfolio management service. Tax planning sits at the top of their unmet needs. The share of high-net-worth practices offering tax planning, preparation, and compliance services has grown from 29% in 2017 to 38% in 2024 — a meaningful shift, but still leaving a significant gap between client demand and advisor delivery. (Cerulli Associates, cited in InvestmentNews, 2025)

The CPA shortage is creating a white space for advisors