The Evolving Advice Landscape: Why Client Experience Is the Future of Success

By Patrick D. Runyen, CPA/PFS, CFP® | Director of Organic Growth, Wealth Manager, Principal; Modera Wealth Management
October 1, 2025

The Registered Investment Adviser (RIA) landscape has undergone a profound transformation over the last 30 years. The value proposition for RIAs has always been relatively simple: independence, commission-free advice and a fiduciary standard. But much has changed over the years, and the way to add value to clients, as an industry, has evolved. The advisory world is no longer defined by just the products or services offered but by the entire experience that’s created for clients.

The Evolution of the RIA Value Proposition

Let’s look back at how the RIA value proposition has evolved over the decades.

1990s to 2000s: The Rise of Independence

In the early nineties, the RIA space was small but was marked by a simple yet powerful value proposition: independence, commission-free offerings and adherence to a fiduciary standard. This was a game-changer compared to the traditional wirehouses, brokers and insurance agents who operated under commissions.

At the time, being an independent, fee-only advisor was a significant advantage. Clients valued the transparency and the fact that they were working with a professional who was required to act in their best interest.

2000s to 2010s: Comprehensive Financial Planning Takes Center Stage

As we moved into the 2000s, the best-in-class RIA value proposition evolved to include comprehensive financial planning. No longer was it about simply managing portfolios – it also became about helping clients address their broader financial picture, from retirement planning to estate planning and tax strategies.

At this stage, the competition grew. Other RIAs began offering portfolio management and some form of financial planning. But the true differentiator for top RIAs was the integration of holistic financial advice. Offering both a fiduciary standard and comprehensive planning set firms apart.

2010s to Today: Bigger, Better, and More Tech-Savvy

In the past decade, the best-in-class RIA proposition has expanded further to emphasize economies of scale. Larger firms have invested in advanced technology platforms, built a deeper bench of subject-matter experts and developed service models that address all aspects of financial life. This enables firms to offer robust technology, a more extensive range of financial solutions and thoughtful succession planning capabilities.

Here, size and scale have become important. The ability to leverage technology for efficiency, streamline services and manage a more extensive team has become part of the value you offer to clients. But there’s one thing that’s become clear over time: despite all the bells and whistles, what truly matters to clients isn’t just what you offer – it’s how you deliver it.

Client Experience: The New Differentiator

Today, you seek to differentiate yourself not just by the technical skills you offer but by the experience you create for your clients. The way you engage, the way you make your clients feel and the value clients derive from your relationship with them are now the critical drivers of success.

Our advisory team, has distilled our client experience philosophy into three core pillars:

Thoughtful Guidance, Access and Trust. Let’s break each one down.

1. Thoughtful Guidance

Clients often need assistance getting their financial life in order. A good advisor can help them to understand their financial situation, define their goals and provide the information and education they need to make informed decisions. To this end, you should strive to offer advice that is:

• Comprehensive: Deliver an advisory experience that goes beyond managing investments to address all areas of their financial life, including: tax strategies; retirement goals; estate planning; and risk management.
• Proactive: Engage in an ongoing dialogue with your clients, providing regular updates and proactive advice at defined touchpoints throughout the year. This is critical in building long-term relationships where you’re seen as a partner, not just someone who reacts when the client calls.
• Clear: Communicate in easy-to-understand language that’s personalized to the client. Whether it’s simplifying complex financial terms or helping to ensure that the client understands their options, clarity is key.

2. Access

In today’s fast-paced world, access has become a major differentiator. Clients want to feel that you’re always there when they need you.

• Responsiveness: More than ever, clients expect quick and clear communication. Set clear roles and responsibilities within your teams to ensure no one is left waiting for answers. AI tools and CRM systems can streamline client interactions, making it easier to be responsive without sacrificing the personal touch.
• Multi-Family Office Services: In today’s environment, clients expect a one-stop-shop for all their financial needs. A range of offerings – including tax consulting and preparation services, private investment solutions and access to subject matter specialists like estate attorneys and insurance consultants – can help you support clients with complex financial needs, and can deepen the relationship over time.
• Opportunities for Feedback: Regular client surveys and annual advisor feedback conversations will allow you to improve continually. Clients appreciate being heard and knowing that you’re actively working to enhance their experience.

3. Trust

I believe that establishing a sense of trust can serve as a strong foundation for a successful advisor-client relationship. Without trust, it is difficult for financial plan or investment strategy to be successful.

• Relationship Deposits: Trust is built through consistent, intentional touchpoints – whether they take the form of a phone call, check-in email or a personalized note. These “relationship deposits” help ensure that clients know you’re thinking of them, even when there’s nothing to discuss.
• Client Events: Look for opportunities to create meaningful interactions outside of the office, from fly-fishing trips to food truck gatherings to antique roadshow events. These moments help humanize the relationship, making it more than just transactional.
• Becoming the Trusted Advisor: Make it your goal to become the person who receives the first phone call from a client when anything noteworthy happens in their life. Strive to be a trusted advisor not only for financial matters but for life’s big decisions. When you earn the privilege of being their go-to resource, the relationship becomes far more enduring.

Why Client Experience Is Critical for Future Success

Building a client experience framework isn’t a luxury – it’s essential for survival in a competitive market. By focusing on thoughtful guidance, access and trust, you can not only meet your clients’ needs but also create long-lasting relationships that stand the test of time.

For your advisory firm to flourish, you must focus on the aspects of the relationship that clients themselves value and expect to receive. I believe that a personalized client experience can differentiate your practice in the years ahead. It’s no longer enough to simply be a fiduciary with a great tech stack. You must become partners, advocates and trusted advisors, helping your clients navigate both their financial journeys and their lives.

If you’re ready to differentiate yourself and build a sustainable practice for the future, start by shaping the experience you provide to your clients today.

About Pat

Pat is a Principal, Wealth Manager and Director of Client Experience at Modera Wealth Management. Pat oversees the advice delivery model for Modera, and is also responsible for the organic growth initiatives of the firm. Pat is also a Wealth Manager that works with individuals, families and non-profit clients.

Pat is a Certified Financial Planner®, a Certified Public Accountant, and a Personal Financial Specialist. He lives in Downingtown, PA with his wife and two sons.

About Modera Wealth Management

Modera Wealth Management, LLC (Modera) is an SEC-registered investment adviser. SEC registration does not imply any level of skill or training. For information pertaining to our registration status, the fees we charge including how we are compensated and by whom, additional costs that may be incurred, our conflicts of interest, any disclosed disciplinary events of the Firm or its personnel, and the types of services we offer, please contact us directly or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov) to obtain a copy of our disclosure statement, Form ADV Part 2A, and ADV Part 3/Form CRS. In addition, our Privacy Notice outlines how we handle your non-public personal information. Please read these documents carefully before you make a decision to hire Modera, invest or send money.

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