Big Schwab survey: RIAs surpass 2007 former peaks in assets and revenues
One analyst still sees troublesome signs in the findings but outsourcing is on the rapid rise
Greg Brown
Brooke: Great article! Loyalty, retention and growth are interdependent. One does not happen without the other. As you indicated in your story, the “holy grail” is the firm’s ability to “differentiate”... This starts with knowing your ideal client and building best practices throughout the firm to serve them at the highest level. Then apply that process consistently and systematically. As Aristotle stated in one of his most famous quotes: “We are what we repeatedly do. Excellence then is not an act but a habit.”.
Your people and processes should line up in support of this theory. Technology should be an enabler never a disabler.
Elmer Rich III
Let us state the obvious:
- The population is growing. Even older groups are living far longer than in the past. Even if the % of people using financial advisors of all types remains stable (which it’s not) the absolute numbers are growing fast.
- America is the wealthiest country in the history of the world. (By far, by far)
- Financial matters, just based on more affluence, are more complex.
- While demand is growing, at an accelerating pace, supply of financial services and professionals of all types is not growing at the same rate.
- Retirement of the Boomer financial advisors suggest a “brain drain” in financial services professionals.
Are we in a trending bull market for financial services and professionals? Oh yeah!
Greg Brown
Good point. All the more reason to build a self sustaining practice built on documented repeatable “best practices”. It will allow for the successful transition of the Booomer Advisor to the firm’s successor. An enterprise wide workflow engine can help ensure that happens successfully.
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