Pershing just published a new study that says $850 billion in new assets will be available each year for the next decade. How do you grab some of them?
The study tells you that, too, and it highlights the inescapable fact that advisors in the wealth management industry have no choice but to adapt to the sea change that’s been underway for years now.
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New technologies. More sophisticated clients. Lack of new talent entering the advisory field. Each of these is having its own impact on work flow, productivity, and quality of service.
Not to mention profitability and growth. Each of these trends is impacting advisor businesses already.
That impact will only grow in the future. Technological advances are giving investors a false sense of security that they can manage their own finances and investments.
Advisors must improve their quality of service and advice to counter this perception to retain existing clients as well as attract new ones.
They also must become better managers and create long-term staffing solutions to offer opportunities for advancement to younger members of their teams.
Going beyond minimal compliance will help rebuild investor trust and showing resiliency and adaptability to change will particularly attract the younger wealthy, who are growing in numbers.
Pershing Advisor Solutions CEO Mark Tibergien says advisors must adapt
to the new normal and institute new practices to ensure future success.
The study is titled Advisor of the Future II: Building a Business to Last.