Hint: Offer advice tailored for your clients’ needs
On May 20th Raef Lee, Managing Director SEI Advisor Network, and I ran a webinar on what can be learned from robo-advisors (click here to listen to the replay). My personal opinion is that the emergence of robo-advisors is the next evolution in a trend that started several years ago (see history of investing infographic) as access to market data as well as post-trade account information, became widely available online. This availability led naturally to the development of technology to access the data, such as portals, mobile apps, and account aggregation.
We’re in the midst of two additional trends: 1) the graying (a.k.a. aging) of the American population and 2) the impending retirement and business succession of many wealth professionals. The confluence of these three trends is having a profound and lasting impact on wealth management.
In the words of marketing author, professor and consultant Philip Kotler, “It is no longer enough to satisfy your customers. You must delight them. The most important thing is to forecast where your customers are moving and be in front of them.”
Advisors who are aware of and learn from recent trends, and get out in front of them, will thrive. I suggest that for many, this means thinking about the challenges that Baby Boomer clients face.
Click the red play button to listen to a short podcast on the subject.
ByAllAccounts Q1/Q2 2014 National Financial Professionals Survey: