By: Adam Claypool, President and CEO, First Community Trust and FCT Insurance
For decades, wealth management has been defined primarily by investment performance. Today, managing investments alone leaves critical gaps in a financial plan, as clients face increasingly complex decisions across their lifetimes — protecting income, managing healthcare costs, planning for longevity, transferring wealth, and safeguarding loved ones. When these needs are managed separately, or not at all, even strong investment results can fall short of delivering true financial security.
Across financial services, a clear shift is underway. Consumers now expect comprehensive, integrated guidance that aligns their investments, protection strategies, and long-term goals into a single, coordinated plan. Wealth management is evolving from portfolio management to life-stage planning — and protection is a foundational part of that evolution.
1. The Market is Shifting Toward Holistic Wealth Management
Industry data has shown a steady rise in clients preferring a single, coordinated experience for their financial lives. In 2023, nearly half of wealth management clients said they want a one-stop solution that covers investments as well as related financial needs — such as banking, lending, retirement planning, tax and estate guidance, and risk protection strategies — up from under 30% just a few years earlier.
Younger clients feel this most strongly. For those ages 25–44, more than 70% prefer working with one trusted advisor who can integrate wealth and financial services. This is a clear market signal: clients want convenience, clarity, and continuity across their financial lives.
2. Wealth Transfer Amplifies the Need for Comprehensive Planning
The largest intergenerational wealth transfer in U.S. history is already underway. Trillions of dollars will pass from retiring baby boomers to younger generations over the next decade: they value holistic, digital-first, and fully integrated advice. They expect financial partners who can connect retirement income planning, estate strategies, and risk protection into a single, unified plan.
To serve them well, firms must evolve beyond traditional investment management and embrace a more complete, life-centered planning approach, where protection plays a foundational role.
3. Clients Want Protection Built into their Financial Plan
Investing for the future matters but so does protecting it. Life insurance, disability coverage, long-term care solutions, annuities, and Medicare planning help clients manage risk, safeguard loved ones and solidify a plan that stands up to life’s uncertainties.
Surveys consistently reinforce this: more than half of wealth management clients want advisors to deliver holistic planning that integrates protection strategies. It’s not just about investment performance — it’s about financial peace of mind.
4. Integration Strengthens Client Trust & Outcomes
Integration isn’t just about convenience — it’s about giving clients better outcomes. When investment, retirement, estate, and insurance planning work together, clients benefit from:
- Stronger protection for their families and legacy, with risks addressed in one unified plan
- A clearer, more connected financial strategy that evolves with life’s changes
- A more consistent, trusted advisory relationship, built on a complete understanding of their goals
- Greater confidence and peace of mind, knowing every part of their financial life is working together
This isn’t just our perspective — it’s where the industry is headed. Recent insights from McKinsey & Company show a decisive shift toward integrated, “one-stop” financial platforms as clients increasingly seek holistic guidance rather than standalone products. Their research echoes what we hear from our own clients: people want a partner who can support their entire financial life, not just one part of it.
Meeting Clients Needs with FCT Insurance
Our decision to expand First Community Trust’s capabilities through FCT Insurance, a full-service insurance agency, comes down to one simple belief: Our clients deserve a financial partner who sees the full picture — and plans for it.
And for us, this isn’t about keeping up with the industry. It’s about honoring the trust our clients place in us. They’ve asked for more holistic support, and we’re proud to deliver it in a way that aligns with who we are: grounded in thoughtful guidance, built on long-term relationships, and guided by a commitment to always act in our clients’ best interests.
Now that our full suite of protection solutions is in place, we’re excited for the impact it will have on the clients and communities we serve. Together, we’ll continue building and protecting what matters most, in every season of life.
Sources: Statista, McKinsey & Company, WifiTalents