At MainLine Private Wealth, we have focused on integrating a diverse technology stack, as mentioned above, into our business model to improve the speed and ease of our service to our clients. In fact, our younger clients come to us because we understand how the new wave of technology makes investing easier and more accessible for them. We know the technology well and believe that for an advisor to compete in this new world, providing value beyond investment management and asset allocation is crucial and the entire delivery model needs to be catered to how clients want to digest information.
Additionally, part of what attracts younger clients to our firm is the opportunity to engage with the younger advisors and analysts we have on staff not only because they are better equipped to understand their needs but also for continuity of care. There is something highly unsettling for many young clients when they consider that the advisor they engage today may be nearing retirement in just a few short years. This scenario may leave them as a house account, passed down to a less experienced service team or handed off to new advisor with whom they lack rapport. This important fact is often overlooked by advisory firms in the recruiting process, because they want older, more experienced advisors that have a book of business, and they may discount the potential growth opportunity that comes with hiring younger talent.
With a focus on finding the right technology solutions to meet a younger client demographic, coupled with adding a younger advisor base to your staff, firms may be better positioned to engage with Gen Xers, millennials and beyond as technology continues to transform the world and the way we do business.
Kevin Dombrowski serves as the director of client development for MainLine Private Wealth.