Take a look around: the faces—and needs—of the affluent population are changing. Greater diversity, emerging sources of wealth and other new dynamics require advisors to keep up. How can an advisor avoid becoming obsolete? To attract and retain the most valuable affluent clients in the coming decades, advisors need to recognize the changing dynamics of affluence and adapt accordingly. A report issued by Pershing LLC, Investor of the Future: The Quest for Tomorrow’s Affluent Clients Starts Today, is based on a study commissioned by Pershing and offers a glimpse at what today’s affluent client base looks like, gauges advisors’ perceptions of the broader market and predicts which clients may be most influential in shaping advisors’ businesses in the future.
Posts about financial industry:
Most of your clients probably have a picture of retirement that goes something like this—golf, beaches, vacations, relaxation. In fact, retirement portfolios usually focus on generating income to enjoy during the golden years. But as more Baby Boomers age and retire, Joseph Coughlin, and expert from MIT, says the longevity landscape is evolving, and portfolio construction strategies need to change with it.
Fidelity has just released its second annual “Insights on Independence” study, and the results show that financial advisors on the move have the biggest increase in pay. The study found that financial advisors who switched firms earned 22 percent more than they did in 2008 (compared to a 17 percent increase for advisors that stayed put at one firm).
The broker-dealer industry is quickly transforming to become a technology-driven sector. According to a TechLeaders Survey, broker-dealer executives are focused on three key areas: business onboarding and account openings, streamlining data management and improving compliance.
A brokerage firm in Ohio has agreed to pay a $100,000 fine for sending emails to some of its clients promoting high-risk securities.
Though the worst of the recession seems to be behind us, growth opportunities for broker-dealers are still hard to come by. But this challenge has led firms across the country to find creative solutions. One way broker-dealers can set themselves apart from the competition is by adopting new technology.
If you’ve ever worked at a financial business, you probably already know the benefits of going paperless: it’s good for the environment, it saves time (no more filing or retrieving documents), and it frees up office space that used to house filing cabinets. But have you thought about what going paperless would do for your customers? Here are some great customer benefits of going paperless: