The broad trend of going digital has certainly touched the retail financial advice industry recently, with a continued focus on automated investing and robo-advice solutions.

With that said, much of the novelty associated with stand-alone digital tools is expected to fade, as these solutions become more commonplace and expected. When this happens, financial advisors who can successfully incorporate similar technologies into their own practices while also maintaining the knowledge and experience to create simplicity out of chaos will be in a position to thrive, as providers of a truly advice-centric client experience. This will be the case in particular for financial advisors who can develop the right staffing and organizational structure, including with respect to identifying and cultivating the next generation of professional talent for the industry.

These professionals are what some in the industry refer to as the “master advisors”—professionals able to balance the deep foundational expertise with softer skills, such as an understanding of how changing consumer demographics impact their businesses. By combining these attributes with technology, advisors can ensure they’re able to build a holistic financial plan and select the best possible asset management solutions. In the independent channel, these advisors tend to be the ones who build truly recognizable brands and practices of enduring value.

So how can financial advisors who are in growth mode reinvest in their businesses to become master advisors? Consider the following:

1. Bring on board energetic, talented “next generation” junior advisors. While there are no easy answers for how successful independent financial advisors can grow by bringing on board smart and qualified younger professionals who are eager to embrace this profession, there are encouraging signs on the horizon in this regard. At the same time, other advisors have become more proactive in identifying and mentoring younger administrative staff who display the potential to be coached towards becoming FAs, and in some cases, looking for new talent in adjacent industries who theoretically have transferrable personality traits and professional skills, from real estate to financial product wholesaling and beyond. Perhaps one of the most successful practices when it comes to identifying next generation talent is to look at younger talent pools than the industry may have considered previously. Over the last two decades, financial literacy and personal finance-related education has become more commonplace, especially in undergraduate studies. Certain well-established advisors are actively building bridges with newly-formed college level CFP programs to recruit their best and brightest graduates, while also establishing ongoing, year-round internship programs, especially where there is a great local college that draws area students with a strong work ethic and a sense of entrepreneurialism.

Equally important, aspiring master advisors have been quick to grasp that an increased focus on “emotional intelligence” and “non-technical skills” in the advent of technology resources and tools taking on more of a major role with more routine or day to day FA functions means that there is more potential in looking beyond the typical business administration degree programs and recruiting students who have backgrounds in academic fields such as psychology, and certain liberal arts.

There’s probably no single magic formula that can—on its own—address the need to build a next generation of advisors, but there are many independent advisors out there who are showing initiative with a variety of these initiatives, and they could very well be better positioned than the rest of the pack when it comes to creating a long-term, enduring business.

2. Provide a wider array of service offerings. On average, independent advisors offer clients around nine services per practice, according to data from Cerulli Associates. Included among them are the usual suspects, like estate planning, asset management, retirement planning, trust services, tax planning and financial planning. Being a master advisor, though, means going beyond these core offerings that clutter the websites of virtually everyone in the industry and providing clients with something more unique. Elder care and end of life planning are good examples of this. Talk about dementia, terminal illness and death with clients, who often find that having control over the tiniest details in their final days—including, as morbid as it might seem, their own funeral arrangements—a surprisingly comforting, almost spiritual undertaking. Another is lifestyle and concierge services. This could be anything from helping a client buy a car to advising on a future vacation. Overall, advisors should take a look at what their service matrix looks like, and determine what “non-primary services” they can offer that could make their business stand out.

3. Build larger staffs with more specialization. In keeping with the above, providing a suite of distinctive solutions likely requires having not only a robust client service support team but also a greater level of specialization and technical expertise. Dedicated professionals focusing on one area, whether it’s financial planning, taxes, asset management, insurance or some other subject matter, allow the master advisor to “roam,” acting as a calming, reassuring influence for clients. Many advisors take pride in their versatility, but the fact of the matter is that no one person can adequately address all the needs of a typical client. Nor should they try (there’s a reason the saying “jack-of-all-trades, master of none” exists). Of course, not every firm will have the resources to beef up their staff by hiring more professional support. In those cases, think about joining forces with another advisor team with complementary skill sets to create more scale. 

4. Build teams that reflect a greater level of cultural and demographic diversity. The face of wealth management is changing in tandem with demographics of the country. Women and ethnic minorities are gaining a greater share of wealth in this country with each passing day, a trend that will only escalate moving forward. Women already account for the majority of students on college campuses, and with minority enrollment growing, the professional and investor populations will soon be a more definitive reflection of a rapidly diversifying country. In many respects, these will be the clients of the future, and to attract them advisors will have to work to reshape and overhaul their businesses to evolve with the times.

While digital and online investing solutions are here to stay, clients positioned for personal financial growth will inevitably seek out the expertise offered by an independent advisor who can get to know them, their families and their life goals on a personal level, while providing conflict-free professional guidance. 

These clients and their families will stick with those professionals who embrace the master advisor role by investing in a practice that is not only technology-enabled but also multi-disciplinary in professional expertise, and intergenerational in attracting talent of all ages.

Independent advisors willing to think beyond what has always worked in the past by enhancing their ability to deliver an advice-centric client experience will find themselves not only succeeding as business owners, but as trailblazers who are part of the transformation of the retail financial advice industry.

Rich Whitworth is managing director of business consulting for Cetera Financial Group.