In this episode, Ray Sclafani discusses nine trends that will impact the future of financial advisory firms. These trends include margin compression, rising labor costs, training of lead advisors, private equity investors, succession planning, next-generation partners, multiple expansion, rigorous compliance oversight, and advancing technology. Ray provides insights and recommendations for each trend, highlighting the importance of adapting and embracing innovation to thrive in the evolving advisory landscape.

Takeaways

• Stay ahead of the curve by embracing the nine trends that will reshape the financial advisory industry.
• Implement the 40-30-30 rule to effectively manage resources and ensure the sustainability and profitability of your firm.
• Invest in training and development programs to attract and cultivate future lead advisors.
• Familiarize yourself with private equity partnerships and how they can help scale your business.
• Develop a comprehensive succession plan to secure the future viability of your firm.
• Recognize the importance of diversity and inclusion, including integrating next-gen partners.
• Enhance your value proposition to position your firm as an attractive investment target.
• Develop a robust compliance framework and prioritize ongoing training to meet regulatory requirements.
• Harness the power of AI-driven insights to deliver personalized advice and enhance client engagement.

Mentions

• Glenn Mattson’s business development and productivity training offered through Sandler
• DeVoe & Company’s CapitalWorks
• ClientWise’s Success In Succession™ Program
• Claire Meyers Consulting’s Recruiting as a Service (RaaS)
• Advisor Growth Strategies
• Brian Hamburger’s MarketCounsel
• Mark Hurley’s new company, Digital Privacy & Protection
• Joel Bruckenstein and his team at T3 Consulting

To check out this article in The ClientWise Blog click here.

Find Ray and the ClientWise team on LinkedIn | Twitter | Instagram | Facebook