BROKER-DEALER RECRUITING SPECIAL SECTION

Expanding Your Value In Today’s Turbulent World

The world of financial advice is changing rapidly with several factors acting as accelerants, including the recent global pandemic and market volatility. With advancing technologies, a new generation has evolved expectations for the financial planning experience, including greater speed, efficiency and personalization. Given this reality, the role of today’s advisor has greatly evolved. As an advisor, how do you expand and showcase the value you offer? Here are a few ideas—tailormade for the current environment.

Embrace technology. An effective arsenal of mobile and digital technology are must-have tools for today’s modern advisor. In addition to easing administrative burden and removing geographical constraints, mobile tools—like hybrid advice offerings—can help emerging, digital-savvy investors begin their approach to planning.

Make it a family affair. With Gen Xers and millennials accounting for 89% of digital-advice users,1 it’s no surprise we’re seeing an increasing level of interest from younger investors looking to engage with financial advisors. As you’re working with existing clients, take the opportunity to engage their children. Gaining and nurturing relationships with the family can help bond the next generation to you.

Develop niche skills. Another consideration includes financial plans that require a niche skill set, such as special needs planning. Voya’s research found many advisors (50%) serve clients with a connection to the special needs community and nearly half of those clients (49%) have a formalized special needs financial plan.2 This community faces distinct considerations such as accessing government benefits and greatly benefits from working with an advisor who is formally-trained and experienced serving the special needs community.

By focusing on these ideas, you expand your value proposition and set yourself up for success in these evolving and dynamic times.

1. Spectrem Group report, “Robo-Advisors 3.0,” (Feb. 2019).

2. Online survey of 467 Voya Financial Advisors, Inc., advisors. Voya Consumer Insights & Research (Jan. 2019).

 

Investment adviser representative and registered representative of, and securities and investment advisory services offered through, Voya Financial Advisors, Inc. (member SIPC). CN1190109_0522