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3 Keys to Save Legacy Financial Advisors From Becoming Obsolete

As the financial industry grapples with the fintech revolution, robo-advisors, increased regulation, a generational shift to millennials, and instability in the financial markets, financial advisors need a whole new way of thinking about and approaching the business.

Many financial advisors are finding that the industry best practices from the past are quickly becoming obsolete. Below are three key tactics that financial advisors need to consider in order to understand and grow in the changing financial landscape.

  1. Develop an offering specific to millennials in order to add them as clients before they get attached to a robo-advisor. Financial professionals will also want to review their fee structure to ensure it is transparent, and makes a clear case for the additional value their advice brings to the relationship.

  2. Reimagine your client experience. The traditional way of onboarding new clients is quickly giving way to using technology to streamline the process and make it more enjoyable. Consider integrating a web-based portfolio dashboard tool to meet a client’s need for time-efficiency and online convenience.

  3. Redesign your online presence and implement an online marketing program to more clearly communicate to your target clients. Most advisors’ websites today are generic and filled with canned content that clients see right through.

Going forward, financial advisors need fresh thinking, new business models, and a coach who can challenge them to reimagine what it will take to be a successful financial advisor over the next decade.

About CEO Coaching International

CEO Coaching International works with CEOs and their leadership teams to achieve extraordinary results quarter after quarter, year after year. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, CEO Coaching International has coached more than 1,000 CEOs and entrepreneurs in more than 60 countries and 45 industries. The coaches at CEO Coaching International are former CEOs, presidents, or executives who have made BIG happen. The firm’s coaches have led double-digit sales and profit growth in businesses ranging in size from startups to over $10 billion, and many are founders that have led their companies through successful eight, nine, and ten-figure exits. Companies working with CEO Coaching International for two years or more have experienced an average revenue CAGR of 31% (2.6X the U.S. average) and an average EBITDA CAGR of 52.3% (more than 5X the U.S. average).

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