Five, they will typically conduct their own research themselves before speaking with an investment professional.
Six, selective investors will also expect to use advisors for non-traditional services, such as debt and credit management, insurance or updating a will.
Hortz: What is your best advice to advisors about how to respond and transition their practices to these leading affluent market trends?
Thompson: Clearly, financial advisors must take steps to better understand the needs of the next-gen and selective investor, the impact they will have on their practice, and the resources they will need to adapt and thrive. Advisors will need to broaden their product and service offerings, along with adopting a more holistic, multi-channel delivery platform, or ecosystem. Whatever you call it, wealth managers can no longer go it alone, and to have a sustainable business model, advisors must be willing to forge partnerships to meet the constantly evolving and diverse needs of the modern investor.
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