Stealthy competition from venture-fund-backed companies that make online apps as well as new low-cost solutions from discount brokers are slowly — almost imperceptibly — executing on plans to take market share away from advisors.
These competitors may seem crude substitutes for what you do for your clients. However, these competitors — who you probably do not think are threats to you today — will likely over the next five or 10 years become a more serious threat to you.
If you want to grow your practice over the next five or 10 years, find ways to lower the cost of your personal advice. Consider delivering ETF and index fund solutions and automation of financial tasks clients care about, including financial planning, and scalable, tech-driven solutions.
Don’t celebrate your pay increase too long. You have plenty of work to do.


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