Increased competition mandates innovative thinking and the need to stand out among one’s peers. But client demand and technological advances are presenting new challenges to advisors who wish to continue to grow their businesses in a way that meets investor needs and marketplace demands
Increasing operational costs, rapid changes in technology, and a seismic shift
in investor behavior are distractions to that growth. Firms are spending 73% more time on compliance issues and costs around compliance are escalating as the result of the new regulatory environment brought on by investors decreased appetite for risk. These factors take away from time advisors would rather spend thinking about innovative growth strategies and adapting to the new environment.