Advisors in this situation would be well-served to work with their broker-dealers to integrate into their practices data aggregation tools that will enable them to develop a single, holistic view of their clients’ assets on a scalable basis. If an advisor’s firm does not already offer such a solution, it may be time to ask for one in more forceful terms.
3. Social Media Works—And It’s Evolving. While it’s common to joke that once your grandmother joins a social media service it’s no longer cool, the opposite is actually true for financial advisors. More and more viable client demographics have begun to make social media their preferred means of communication—not simply a way to pass the time or look up old friends.
Although advisors have been inundated with reports and speeches about the value of social media to their practices, many still are not using it effectively, or worse, have given up on it. These advisors are missing out on a tremendously important means of connecting with not just their clients, but also their clients’ heirs.
Additionally, social media presents a highly effective tool for automating communications with clients, prospective clients and others. Various applications can enable advisors to send compliance-approved content and messages to multiple clients or client groups across multiple social media platforms at scheduled intervals. Again, if an advisor’s broker-dealer does not currently offer such tools, advisors owe it to themselves and their businesses to make their needs known.
Despite the massive regulatory changes taking place across the industry, advisors can take comfort in knowing that one thing has not changed: the more time they invest in getting to know their clients and their needs, the better positioned their practices will be to succeed going forward. Taking advantage of the resources offered by your broker-dealer to capitalize on low-hanging-fruit opportunities to automate key business processes and practices is one immediate and highly effective way advisors can move closer to this goal.
Kiliaen Ludlow is senior vice president of relationship management at Triad Advisors, the Atlanta-based, hybrid advisor-focused independent broker-dealer.