GBWM also means “getting the right stuff in the right location so we don’t pay unnecessary trading costs,” he added.
If advisors don’t begin offering a more comprehensive strategy for achieving client goals, they could end up looking for another line of work, the report warned. Indeed, the report cited a senior executive at a large brokerage firm as saying robots are already moving in on the advisor’s turf.
“Robo-advisors are relatively low-tech,” the advisor is quoted as saying in the report. “They basically only offer asset allocation services. Soon, they will offer tax-efficiency, stress-testing, optimization and other sophisticated services such as intelligent withdrawal.”