November 1, 2021 / by Don Connelly / Best Practices / 0 comments
In the year and a half since the beginning of the pandemic, the financial advisory industry has undergone massive change, impacting the way financial advisors practice their trade as well as the behaviors and habits of clients. Much of that change was underway before COVID but has accelerated or come more sharply into focus because of it.
Advisors have done well to adapt to changes precipitated by the pandemic—becoming adept at virtual communications and navigating the uncertainties of a troubled economy. However, in the wake of these changes, several issues continue to overshadow the industry, requiring advisors to switch from survival mode to aggressively managing them not just to survive but to thrive.
In the next couple of weeks, we will delve more deeply into some of these issues, the challenges they present, and how advisors can meet them head on for a greater chance at success. Among the many vital issues advisors are facing right now, here are four they must contend with in the immediate future.
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Stop Justifying Your Fees and Start Explaining Them in the Context of What Your Prospects Value
March 6, 2023 / by Don Connelly / Best Practices / 0 comments
The financial services world has undergone significant change in the last few years, mainly for the benefit of those seeking financial advice. They have more options, investment costs are decreasing, and they have more protections thanks to the regulators. However, for financial advisors, the more things change, the more they seem to stay the same—at least as it relates to fees. Advisors still find themselves in the unenviable position of having to withstand fee compression while, at the same time, justifying them to their clients.
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5 Reasons Advisors Need a Well-Conceived, Systematic Communications Strategy
January 10, 2022 / by Don Connelly / Managing the Relationship / 0 comments
Financial advisors are reaching a pivotal moment that will shape their future. An increasingly competitive landscape, fee compression, the commoditization of advice, and increasing client expectations make client satisfaction, retention, and referrals more essential than ever. As advisors struggle to differentiate themselves in a sea of sameness, I always reach back to the time-tested solution: good communication.
If you have been following my blog for a while, you’re familiar with my core belief that communication is vital to developing solid and enduring relationships. You simply can’t form trusted relationships without good communication.
Most clients don’t feel engaged with their Advisor
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How Advisors Can Inoculate Themselves from Fee Compression
November 8, 2021 / by Don Connelly / Best Practices / 0 comments
In our last post, we highlighted four critical issues financial advisors face in the aftermath of the COVID pandemic, impacting the way they approach their businesses and the way clients are responding. In the next month or so, we will take a deeper dive into these issues, the challenges they present, and how advisors can meet them head-on for a greater chance at success.
At the top of the list—an issue familiar to all and well-covered here in past blog posts—is fee compression.
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4 Critical Issues Facing Financial Advisors Right Now
November 1, 2021 / by Don Connelly / Best Practices / 0 comments
In the year and a half since the beginning of the pandemic, the financial advisory industry has undergone massive change, impacting the way financial advisors practice their trade as well as the behaviors and habits of clients. Much of that change was underway before COVID but has accelerated or come more sharply into focus because of it.
Advisors have done well to adapt to changes precipitated by the pandemic—becoming adept at virtual communications and navigating the uncertainties of a troubled economy. However, in the wake of these changes, several issues continue to overshadow the industry, requiring advisors to switch from survival mode to aggressively managing them not just to survive but to thrive.
In the next couple of weeks, we will delve more deeply into some of these issues, the challenges they present, and how advisors can meet them head on for a greater chance at success. Among the many vital issues advisors are facing right now, here are four they must contend with in the immediate future.
Read more