A Concentrated View Towards the Future
April 15, 2019
As an advisor, your ultimate goal is to improve the outcomes that your clients are seeking. At AB we share that goal with you. That’s why we created the Advisor Institute. The Institute is an application of insights from the behavioral sciences into the practical work of the financial advisor. We translate insights from the behavioral sciences so you can understand the emotional needs of your clients and speak to those clients more directly to their point of need.
If we zoom in and look more closely at the curriculum, you’ll see there’s 3 main areas: generating referrals, building more effective teams, and what I think is most important, managing client conversations. You can use these programs as individual learning experiences or combine them together into a professional development process.
Let’s take a deeper dive and look at one of our programs titled ‘A Higher Standard of Care for High-Net-Worth Clients’. In this program we look at the financial services industry, its history and the innovations that are disrupting it today. More importantly, we consider trends that the advisor must pay strict attention to and consider in their planning as well as those that are just a ‘flash in the pan’ and can be safely ignored.
Do you expect more from your cell phone today than you did last year? Will you expect more from the car you drive you upgrade next year than the one you’re driving today? As clients become more sophisticated, their expectations increase dramatically and it’s prudent for the financial advisor to know how to meet those expectations fully.
As an example, the expectations of clients today are moving away from traditional fragmentation of services to a more holistic provider network. Historically stock, bond and insurance brokers provided their separate services and there was confusion from the client about who was the fiduciary. Today clients want one provider to do it all to protect against potential risks, to prepare for a secure retirement, to position assets in a tax-advantaged structure, and prepare for the transfer of assets. They’re really looking for a holistic provider.
Why should financial advisors embrace this more holistic model of delivering services? For the same reason that Fed-Ex revolutionized shipping or Zappos revolutionized expectations about retail purchasing. Because consumers are delighted by it. It meets them at their point of need and eventually those same consumers will come to demand it.
We know that changing the way you do business is difficult. We also know that the trends in the industry are indicating that those advisors who adopt a standard of care for their practice become more competitively able. AB has been in the asset management business this year for 50 years and we created programs like the Advisor Institute so we can partner well with you and be not just a good partner, but an important partner. Over the last few minutes, we’ve barely scratched the surface of what we can provide in the area of practice management so we’d like to invite you to take a closer look at what we have to offer and the way we can partner with you most effectively.