“We see the gap in the haves and have nots widening,” said Shea.
He added that the advisory business is getting more expensive and complex, so the firms with business models that are scalable will be able to take advantage of the disruption.
One issue advisors need to be aware of is a potential talent shortage. “Advisors are leaving this industry faster than they can be replaced,” said Shea.
The online presence of a firm is also going to be more important. While Shea believes there is no algorithm that is going to replace empathy, the firms that can merge the rich digital front-end experience complimented with trusted holistic services in person will have more success.
“All this is a perfect storm,” said Shea. “What percentage of advisors are going to be able to pivot?”
Improve Sales Abilities
The struggle with learning how to improve at business development to grow in the future is that a lot of the trainers out there seem to be “a combination of Tony Robbins and a Las Vegas magician,” joked David Greene, managing partner of Greene Consulting, in a full day retirement plans workshop.
He said the best people at sales have “purity of intent.” This is the opposite of a car salesmen. Related to their technique, Greene said, “We call it ‘three questions and a pitch.’”
Instead, advisors should have a conversation to help prospects realize their problems.
How do we have conversations to truly get a prospect to stop and think and come to conclusions that they need your services? “People come to conclusions more when they are speaking than when you are,” advised Greene.