We need them to abandon the machine work that has become such a distraction. Oftentimes, smart advisors use less than superior tools to do their darndest to serve their clients and in the meantime have lost human connection. It is time to alter our expectations of financial advisors. We primarily need to expect them to act in human, not machine ways, and in doing so more than earn their fee. What are the human things great advisors do?
Given projections for a 100,000 financial advisor shortfall over the next 10 years, successfully recruiting next-gen advisors has taken on added urgency for both our industry as a whole and the wealth management firms seeking to thrive within it.
Meeting this demographic challenge head-on is complicated by the evolving nature of wealth management. Increasing numbers of breakaways forgoing the wirehouse model, as well as the growing presence of aggregators, consolidators and private equity, are altering the landscape. The expansion of W-2 models in the independent space is redefining what it means to be independent. At the same time, technological innovation, particularly AI, offers great promise and an equal amount of trepidation.
The generational differences next-gen advisors and their clients bring to the table – priorities, expectations, skills and values – present yet another challenge when it comes to effectively engaging this group. However, meeting next-gen advisors where they are is a solid recruiting practice some firms can’t get their arms around. There’s a reason firms currently thriving in the marketplace with younger advisors are enjoying success…Read More
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When Jeff Bezos started Amazon — originally called Cadabra — he announced, “Our goal is to be earth’s most customer-centric company.” Today Jeff Bezos calls it “customer obsession.”
As I explored why customer focus is the primary driver of many of the world’s most successful companies, I was thinking about conversations I had over the past year with CEOs who through customer-centric models are leading their industries. What I found is the key to a world-class customer experience really starts with your own culture. Below are direct quotes from 10 CEOs whose companies are leaders of service in their industry.
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