Advisors, How do you plan for an uncertain financial future?

Financial planning and advisory services are being disrupted! Advisors face increasing global competition for investment dollars. Your clients want more for less! How can advisors successfully compete and grow in the future?

Fintech companies hope to change the entire market dynamics by changing what you need to do to satisfy clients. There are many new financial applications that can help your clients get the information they need more quickly and in a more cost-effective way. The future is coming to your markets at accelerating speeds!

Many banks are hoping to leverage their customer base to ensure future growth selling services you provide your customers on a lower cost basis. They are training their front-line people on lead generation and prospecting. They are also recruiting better financial planning professionals to their teams. They hope to ensure a brighter future by building a better financial services organization.

What happens when technologies can create better investment strategies than you? Will Robo advisors take over with many of your younger and young at heart clients? The same people who are already squeezing your margins downward and wanting more services and even guarantees! What does the future hold for fincial planning professionals?

Where is client loyalty going?  Will it continue to decrease over the next several years? What happens when your client’s wealth transfers to other people in their families. Do you know how the money is going to move? My bet is we might all be in for a surprise. The future is not as predictable as it used to be.

I’ve spent many years serving senior executive and entrepreneurs. There is something changing. Many financial planning professionals are not sure this is a new normal. The future is coming, the future is coming! If you are not developing new ways of going to market, you will not be in business five years from now.

There are several hard trends supported by many evolving soft trends that are going to create a perfect storm for financial planning professionals. Do your current client relationships have a strong enough foundation of trust to thrive and grow over the coming decades?

Are you ready to complement your current practice by building activities to ensure your own financial freedom? I’m an optimist. Even the most optimistic people know at some point the economy slows and stalls. I have an unusual thought to consider for your financial services career. It may not be the economy that derails your momentum.

It will be you!  How will your client’s expectations of you change in the future? When you look at your current book of business is it advisor friendly? Are you providing significant value to your clients today and in the future? Do your clients trust you and support your practice the way they have in the past?

Are your current clients taking and acting on your advice? Are they introducing you to new potential clients? How are they managing their wealth? What role do you have in their decision-making processes?

Are you providing significant value outside of what you do as an advisor? I’ve noticed my clients and friends are always asking for my financial advice on what is happening in the markets. How do I see different global events impacting their businesses?

I’m investing more time with clients on financial issues including succession and wealth management strategies. I would be honored except by the time they’ve asked me, they’ve already spoken to several advisors and friends. Many times, they are already entering information overload when they ask me. My job is to help them focus on what’s important to them, their families, and, ultimately, their communities. Have you noticed these changes with your clients?

As a financial advisor, are you finding the same things? When I talk with other professionals in advisory businesses, they share similar stories. Clients are anxious. They are seeking new ideas to protect their wealth. They are looking for future leaning leadership.

The perfect storm is coming. A very uncertain political environment that is very hostile towards affluent families is shaking their confidence in their future. It’s an opportunity or disaster! Its choice versus chance! Are you ready to be a co-creator of a brighter future with your clients?

Over the next several weeks I’ll share several strategies and tips that can help you navigate in this sea of change. See you next week.