According to Fidelity’s “New Advice Value Stack,” at the functional level, services like money management, asset allocation, income generation, tax strategy and cash-flow analysis are elements of fundamental value.

The next level on Bain’s value pyramid is emotional value: Things that reduce anxiety, reward the client, instill nostalgia, encourage wellness, create fun or entertainment or provide access.

In Fidelity’s model, advisors provide emotional value through elements like retirement planning, healthcare funding, educational funding, estate planning and philanthropic planning.

The third level of value, according to Bain, is composed of life-changing offerings: Things like heirlooms, objects or services that engender a sense of belonging, that motivate clients, that provide hope to people.

According to Fidelity, advisors provide clients life-changing value through peace of mind, services that help them take care of loved ones, organize their lives and live free of financial worries.

The highest level of value, according to Bain, is social impact: things that allow the individual client to transcend themselves.

At the highest level of value, Fidelity says that advisors offer their clients fulfillment, via the feeling of having accomplished their life’s purpose, and the ability to leave a legacy.

According to Chisholm, advisors already providing clients with higher-value services are already more successful with their counterparts. Advisors competent on four or more of Fidelity’s elements tripled the revenue growth and net promoter scores of their peers, on average, according to the report.

The problem, as Fidelity sees it, is that advisors spend too much time at the bottom of their value stack and too little on providing clients with fulfillment. According to Fidelity’s analysis, only 6 percent of advisory firms are focused on client fulfillment, while 33 percent are focusing their time on money management.

In the future, only five percent of an advisor’s time will be spent on work that provides the fundamental level of value to clients, the report says. In fact, when Fidelity asked firm executives where they would like to spend their time moving forward, 36 percent said they would like to spend more time focusing on client fulfillment, and 28 percent said they would like to be more focused on their clients’ peace of mind.