Below is a list of red flags that signal a firm will face increased pressure in this changing business environment, as well as some tips on how advisors can ease these looming pain points.
Advisors with an aging client base are essentially managing a depleting oil well.
Without effective marketing strategies, advisors will miss their chance to engage young investors before they build relationships with competitors.
Advisors need to rebuild their marketing and sales efforts to target accumulators and deploy the latest technologies in a way that makes investing more user-friendly.
Investors no longer want to meet with their advisor on a quarterly basis and review paper reports, and they have no patience for static websites with poor functionality.
Just as people are comfortable making travel arrangements online or ordering a book on their e-reader, they want the same experience from their advisor.
The good news is that advisor technology is enabling independent firms to white label platforms and automate back offices.