- Elevate the value of advice – To support business development and client retention efforts, advisory firms must acknowledge investors' changing advice consumption patterns, how the consumerization of technology impacts the relationship between investor and advisor and the growing sentiment that consumers can manage their own financial affairs.
- Reimagine the right talent – The lack of young, qualified advisors entering the industry requires greater focus on people management skills and long-term staffing solutions. Advisory firms must build an infrastructure for progressing individuals through the ranks and offering them a clear career path, as well as widen their focus to include new talent pools from NextGen and more diverse populations.
- Adopt a business-like approach to service delivery – Advisory firms must address the increasing competitive and regulatory pressures they face. Firms can improve productivity, control costs and realize scale by finding efficiencies in workflow through the use of technology and human capital.
- Create a culture of compliance – Regulatory requirements force advisory firms to put client interests first, embrace a culture of compliance and maintain a risk management infrastructure that connects the C-suite to service personnel. Adoption of a proactive approach to regulation will help to establish and maintain operating and servicing standards that are well above regulatory minimums.
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