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2021 US Wealth Management Outlook: Becoming an “Essential” Financial Advisor


The Kovid-1 pandemic epidemic has drastically changed the financial situation of many যার ranging from job losses to increased health care costs এবং and those affected have turned to the asset management industry for help in these difficult times. In fact, a survey by The College for Financial Planning found that 71% of advisers reported that they now have more clients than Covid-1 before. Moreover, the epidemic has changed how financial advice is given: it has made meetings more personal, technology more integral, and advice more holistic. Even after the end of the epidemic, these positive changes in the advisory-client relationship can and will continue in 2021 and beyond.

For me, the role of the asset management industry in clients ’lives during a commercial epidemic and how it can work from home can strengthen the advisor-client relationship. The “JPMorgan Advisors Here For You” spot shows advisors holding virtual meetings on their laptops at the kitchen table, from their desks, and on the couch, balancing work and child care. What makes the commercial so powerful is that these scenarios form a common foundation and help break down the barriers between the advisor and the client that some investors feel when they enter the advisor’s office.

Let us hold on to the general foundation we have acquired.

Even when advisers begin to return to office, as an industry we should maintain some of the informality of that positive epidemic. For some consultants and organizations that may mean continuing virtual meetings with clients. These glimpses into each other’s homes and lives can work wonders for people-to-people bonding between mentors and clients.

Moreover, even counselors and organizations that resume personal interactions can learn something from the virtual meetings held during the epidemic. For example, planning meetings do not have to be formal business conversations. Having a comfortable and personal exchange with a client can open up new lines of conversation and create better insights about their needs.

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Stay ahead of the digital curve.

At the beginning of the epidemic, many advisers and their agencies had to rush to update their technical capabilities to manage virtual transformation. As Deloitte noted in his recent White Paper on how asset managers can recover and prosper from epidemics, “critical business workflows are being digitized to change client behavior and accommodate field workers working remotely.” For example, advisors were able to onboard new clients and virtually open new accounts, while managing risks such as knowing your customer (KYC) and SEC regulation best interest disclosure requirements at all times, Deloitte explained.

The use of digital channels throughout the generational divide is here to stay. I’ve written and talked a lot about the differences between digital natives – millennials and the next generation who grew up using computers – and digital immigrants. Well, living through Covid-1 has made people of all ages more comfortable with technology, and it has shaped clients’ expectations. Looking forward, for example, Deloitte hopes that the next challenge for asset management companies will be to provide interactive planning and performance reporting tools in a virtual or personal setting. Companies that do this can benefit from deepening their relationships with clients, Deloitte said.

Customers really need overall financial advice.

One of the many things this epidemic has taught is the power and dangers of the domino effect. For example, a client who is in financial crisis after losing a job suddenly does not have to worry about losing income. They may also have concerns about their health insurance coverage, future career and earning prospects, retirement ability or the cost of educating their children. So that they can connect with them both personally and digitally.

And most of all, advisers need to listen. They need to listen to the needs of their clients and show that they are not just selling a product but working in the best interests of their clients.

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This is during a rearrangement, not returning to normal.

For a long time, I have said that asset managers need to adopt a personalized approach to providing digital technology and financial advice. The epidemic has crystallized how much it needed. With the introduction of the Covid-1 vaccine, we can expect life to be “normal” in the end.

But for real improvement and to meet the needs of clients, the asset management industry does not need to “return to normal”. Instead, we need to learn from epidemics and embrace technology and human-to-human interactions, whether through computer screens or across desks.

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All posts are the author’s opinion. As such, they should not be construed as investment advice, or the opinions expressed must not reflect the views of the CFA Institute or the author’s employer.

Image Credit: © Getty Images / fizkes

April J. Rudin

Founder and President of the Rudin Group, April J. Rudin is widely recognized as a top marketing strategist in the financial services and asset management sectors. He is recognized as the # 1 “influencer” in asset management by Onalitica, and is a regular featured source of expert comments from international news and business stores, trade publications and broadcast media. Rudin Capgemini, annual contributor to the World Wealth Report, develops an annual outlook for US wealth management Entrepreneurial investors, And talks about resources, next-genre and fintech at conferences around the world. His thought leadership has appeared Huffington Post, American banker, entrepreneurial investor, Family Assets Report, Fundfire, And Wealthmanagement.com. She is the mother of two sons, who quickly mentioned that they considered her “influential” before doing Onalitica.



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