Business Process

7 Critical Insights Wealth Managers Should Share with Their Financial Advisers

Wealth managers don’t build successful agencies on their own. A financial firm only succeeds if all members of the team are focused on growth and superior customer service. While a wealth manager might preside over meetings and offer suggestions as to company growth initiatives, it is only by involving their advisers in team growth that their firm will succeed. If you’re a wealth manager who wants to improve long-term opportunities for your financial services firm, the following are 7 critical insights you should be sharing with your team of trusted wealth management professionals. 

1) Clients are increasingly looking for transparency in their dealings with financial advisers. You can’t hide behind a veil of secrecy or inundate your clients with wealth management technical terms. “The more effort financial advisers put into offering wealth management advice in easy-to-understand terms, the greater the chances are of increased client confidence” commented Thomas Rauchegger, author of “The Retirement Race”.  When a wealth management firm is up-front with everything from their service offerings to their management fee structure, the likelier it is consumers will respect their transparency.

2) Tech-savvy wealth management consumers are increasingly looking for features like artificial intelligence and voice-activated technology from their financial advisers. If your agency is still working in the dark ages in terms of technological assistance, you’re going to lose out to more agile competitors who are offering features like AI-assisted algorithms and voice-enabled Alexa skills. The sooner financial advisers and their agency bosses integrate technology into their business’ offerings, the sooner they’ll be able to attract and retain tech-hunting consumers.

3) Access to global investing opportunities is of growing importance to smart wealth management clients. They don’t want to invest only in opportunities their adviser is familiar with. Today’s consumer has access to a treasure trove of financial information and they expect their financial advisers to present them with a cornucopia of investment options. Wealth management professionals must be prepared to investigate and advise on global wealth creation opportunities. The more initiative an adviser takes on increasing their knowledge of the best stocks and international money-making opportunities, the more use they’ll be to their clientele. 

4) Mobile money management and mobile financial advisory assistance are no longer optional. Agency managers must be prepared to advise their team members on the importance of mobile interactions with clients and the importance of being available on a consistent basis via their smartphones. If a financial adviser isn’t available on short notice to their clients for spur-of-the-moment advice, there’s a good chance that client will seek financial advice elsewhere. It is absolutely crucial financial advisers understand just how important mobile access is to their success/failure rate and to building client confidence.

5) There is increasing demand for socially-responsible investing advice. Financial advisers who are able to inform their clients on investment opportunities with socially responsible companies can do well for themselves in building client lists. Understanding the importance of social investing and sharing that knowledge with their team of advisers is an essential role for today’s financial services firm managers.

6) Another critical role for agency managers is to advise their team on the importance of cybersecurity. Hackers are increasingly targeting those in the financial services sector. Anything from ransomware to crypto-jacking can cause irreparable harm to a financial services firm’s reputation. Cybersecurity education should be a top priority and advisers should have a clear understanding of their role in protecting their agency from harm. Whether it is following their agency’s BYOD (bring your own device) policy or understanding how to prevent phishing attempts via email links, financial advisers must be clear on all cybersecurity measures. 

7) Personalized financial services advice is growing in importance to consumers. They don’t want to be offered the same wealth wisdom advisers share with other clients and they don’t want the same investment opportunities highlighted that agents share with a multitude of clients. Consumers want financial advice offered to them that is highly personalized and takes their long-term wealth management goals into account. “Nothing is more important to us than fostering long-term relationships with our clients, predicated on trust,” observed by Thane Stenner of Canaccord Genuity Wealth Management. Mr. Stenner further mentioned that, “Advisers who double-down on personalization can do extremely well for themselves in retaining clients.

These are just 7 of many insights’ wealth managers should be sharing with their financial advisers if they want to build a thriving financial services agency. Understanding their role in boosting the knowledge and expertise of their team members is vital for long-term agency growth. Create an agency growth strategy that includes these 7 tips for financial advisers and the odds of success grow exponentially.