For example, a broker who works by choosing stocks and bonds or determining the client’s risk tolerance will find it very hard to justify fees in this new world. As clients have more access to information, they are demanding more from their advisors. Rather than focusing on a stock/ bond split or risk tolerance, advisors must address the client’s many challenges over the course of a lifetime. These can include retirement, education, tax diversification, charitable planning, estate planning, long-term care, disability, life insurance and job changes. The list is endless. It is important for consumers to know how their financial advisor will address these goals comprehensively and work to help see them achieved.

Advisors who use the advances in technology and embrace a fiduciary standard will likely do much better than those who fight against them. As consumers have more access to information, an advisor will need to provide a greater level of service to be relevant.  

Lizzie Dipp Metzger, CFP, AEP, MSFS, is founder of Crown Wealth Strategies, a national full-service financial firm headquartered in El Paso, Texas.

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