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What More Than 500 Advisors Revealed About the Advice Industry
Highlights from Morningstar's 2026 Investor Perspectives webinar, featuring survey insights from more than 500 financial advisors.
What are advisors most concerned about right now? According to Morningstar's latest research, AI adoption, client trust, market uncertainty, and private markets are all top of mind.
During our recent Morningstar Investor Perspectives webinar, Joe Agostinelli and Thomas Aviles unpacked findings from our 2026 survey of more than 500 US advisors before taking questions on the trends shaping the future of advice. Here's a recap of the discussion.
Q: Which Advisor Value Proposition Is Likely To Become Most Important Over the Next Few Years?
A: According to the survey results, helping clients feel secure about their financial future continues to gain importance. As investors face uncertainty around inflation, market volatility, geopolitical tensions, and an expanding information landscape, financial confidence increasingly becomes part of an advisor's value proposition.
Discussing the trend, Agostinelli noted, “I think that security is going to continue to be an important piece for clients." He pointed to the research showing that the perception that an advisor "makes me feel more secure about my financial future" has steadily increased over multiple years.
Q: How Can Advisors Differentiate Themselves as AI Becomes More Common?
A: The research suggests that stronger client relationships may become the most important differentiator. While AI can improve efficiency, summarize meetings, draft communications, and help streamline workflows, it cannot replace the trust and understanding developed through long-term advisor-client relationships. Agostinelli emphasized this point, saying, "Being able to establish that relationship with their clients is going to be the most impactful thing from my perspective."
He also highlighted the need for the industry to support advisors in spending more time on client-focused activities. The survey found that many advisors want to shift more time toward client engagement, suggesting that relationship-building remains central to advisor value even as AI adoption grows.
Q: What Long-Term Trend Will Have the Biggest Impact on Advisory Businesses?
A: One of the recurring findings from the research was information overload. Investors have access to more market commentary, investment ideas, and AI-generated content than ever before. While that increased access can be empowering, it can also create confusion and make it harder for investors to separate valuable insights from noise.
According to Aviles, "We are entering an increasingly noisy environment and expanding product choice." He noted that advisors will continue to be called upon to help clients evaluate information sources and navigate an expanding universe of investment products and opinions.
However, this dynamic only strengthens the importance of advisor-led guidance. As information becomes more abundant, trusted interpretation becomes even more valuable
Q: Did the Research Reveal Any Misconceptions Advisors Have About Private Markets?
A: The survey did not directly measure advisor misconceptions about private markets. However, the findings did reveal ongoing challenges around education, transparency, liquidity concerns, and understanding where private market investments fit within client portfolios.
Addressing the question, Agostinelli said, "One of the top advisor challenges with private markets is educating clients on how they fit, where they fit, why they fit.”
Despite concerns about fee transparency and liquidity, the research also found continued growth in advisor adoption of private market investments. These results suggest that demand remains strong, but education and due diligence continue to be critical areas of focus for advisors and asset managers alike.
Q: What Role Should Advisors Play in Helping Clients Navigate Market Uncertainty?
A: Our research consistently found that emotional reactions to market news remain one of the largest obstacles to keeping investors aligned with their long-term goals. Advisors are increasingly acting as interpreters and guides, helping clients process headlines, volatility, and economic uncertainty.
Discussing advisors who successfully manage election-related and market concerns, Aviles noted, "The advisors that are most effective during these time periods are those that are proactive in educating their clients around the impact."
Rather than reacting to every market event, the most effective advisors help clients understand how short-term developments fit within their long-term financial plans.
