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Summary: Maybe it is generational, but as a millennial, albeit an old one at 34-years-old, I view the relationship between robo advisers and human advisers as similar to the relationship between autopilot technology and commercial pilots — yes, autopilot technology is a great tool to assist the captain, but I am not getting on a plane flown solely by a machine. Robo advisers represent a similar, potentially complementary relationship, for thoughtful planners.
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Summary: The benefits are myriad and include: A new source of revenue through affluent-client introductions; stronger loyalty among existing clients because of the enhanced skills and expertise your network provides; exponential growth from a steady stream of ideal clients; and you may even enjoy your career more. The elite advisers who excel at networking tell me time and again that collaborating with other professionals is tremendously energizing.
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Summary: Most people who provide financial advice self-identify on their websites and business cards as professionals: as advisers, planners or (popular with the brokerage firms) vice presidents of investments. And I think because most of these people provide at least some level of financial analysis for their customers, they’ve convinced themselves that their primary activity is advice rather than sales.
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Summary: By now, some 45 years after the creation of financial planning and the independent advisory industry, virtually all advisory firm owners are well aware of the theory of “niche marketing.” The idea is to pick a specific niche or niches of clients to serve, such as doctors or corporate executives, vineyard owners, owners of dry cleaners, etc. — the more specific the niche, the better.
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Summary: According to a new research report from Practical Perspectives, the traditional wholesaler/advisor model that has been highly successful in mining and developing other distribution channels such as wirehouse or independent broker-dealers has shown to be less useful with registered investment advisors (RIAs).
