Praxis Makes Perfect Archive
Praxis Makes Perfect is a thought-provoking blog centered around the different ways to think about the challenges Independent BD and RIA leadership face every day. Subscribers, from time to time, will have an opportunity to participate in research efforts to help provide directional guidance to how our industry can continue to evolve and thrive.
In several of my Financial Advisor innovation workshops, one of the intriguing themes that bubbles up is the desire to solve the challenge of omnipresence. In our need to be connected 24X7 world, Advisors, who already have a full calendar and are trying to enjoy a balanced life, struggle to find solutions for being present for all clients and all prospects all the time.
Our industry is turning its attention to the issue of recruiting and on-boarding new talent as it realizes the anticipated impact of an aging advisor workforce is arriving faster than previously anticipated. The consequences of this workforce change are also converging with several other industry trends such as emerging new customer segments and evolving consumer preferences.
As Financial Advisors gain more experience working with the growing population of existing clients moving into retirement, new insights and patterns have begun to emerge. These themes are playing out with greater frequency within an advisor’s practice and across our industry. A recent series of studies released in 2013, including work by Merrill Lynch, Cerruli, and Fidelity, are highlighting one of these emerging themes. Financial Advisors must be aware that new stakeholders, heretofore considered an ancillary connection to the work of the Advisor and the account’s primary decision maker, are moving to positions of required inclusion.