Financial advisors have a new landscape facing them for 2017 and beyond, says Mercer, a global business consulting firm.
To face that future successfully, advisors need to adapt.
“Regulatory changes and technological advances are shifting the wealth management landscape,” says David Hyman, U.S. head of Mercer Investments' wealth management business. “To stay competitive and to best serve clients, wealth management firms should embrace these changes as opportunities to revamp their offerings, their strategies and their approach to their clients.”
No. 10. Align revenue compensation models. Firms need to adapt their models to focus more on scale in order to maintain profitability. Technology and outsourcing solutions should be explored by wealth firms so advisors can focus on client service and new client acquisitions.