Financial advisors need to get out of their comfort zones and provide services to corporate executives if they are to remain successful, according to a corporate benefits consultant.
NFP, a provider of employee benefits, insurance and wealth management, is encouraging advisors to extend themselves into new areas of practice for corporate executives in order to stay competitive, says James Poer, president of NFP Advisor Services Group.
Advisors providing both corporate benefits and wealth management to “C-suite” executives are the ones who are going to see their businesses grow exponentially, according to an NFP report released last week.
“Advisors shy away from going to the next level” to provide upper level executives with both corporate benefits and wealth management, Poer says. “There is a natural pivot point between the two if the advisor is willing to gain the expertise needed and take the next step to provide comprehensive services.”
At the same time, the advisors who provide a range of services will receive more referrals from the top executives who develop a trust in the advisors’ expertise, he says.