five industry trends that may (will) change headline, open ... · your firm’s future, you must...
TRANSCRIPT
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@r_alan_moore
Five Industry Trends That May (Will) Change How You Do Business in the Future
Alan Moore, M.S., CFP®
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@r_alan_moore
Five Industry Trends That May (Will) Change How You Do Business in the FutureAlan Moore, M.S., CFP®
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@r_alan_moore
“Wherever I see people doing something the way it's always been done, the way it's 'supposed' to be
done, following the same old trends, well, that's just a big red flag to me to go look somewhere else.”
- Mark Cuban
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4@r_alan_moore
Demographics - Clients
Demographics - Advisors
Technology
5 Trends We Will Discuss
Crisis of Differentiation
Innovation of Business Models
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5@r_alan_moore
Demographics: Clients
▪ Gen X and Gen Y have different needs as client
▪ Why? Unique life stage; use of technology
▪ Better served by different business models
▪ Younger clients currently underserved = huge opportunity
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6@r_alan_moore
Why Advisors Should Pay Attention
▪ Gen X and Gen Y have trust issues with traditional advisors
▪ Gen Y poised to inherit $30 trillions of dollars in assets
▪ Want to work with an advisor within 10 years of their own age
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If you want to work with the next generation, practically everything about the service will be different.
Gen X/Y Don’t Want to Buy Happy Meals
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8@r_alan_moore
Demographics: Advisors
▪ Younger advisors have different views about work/life balance than older
generations
▪ Starting new businesses, challenges as successors, etc…
▪ Young advisors have incredible level of training coming out of college, but
owners don’t know how to leverage them
▪ And older advisors not necessarily leaving in the numbers that most
expected, either!
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9@r_alan_moore
Why Advisors Should Pay Attention
▪ Younger advisors need new options to better serve their Gen X
and Gen Y peers
▪ Young advisors don’t want to work 80 hour weeks to earn their
dues, but they aren’t lazy either
▪ As many CFP’s over 70 than under 30 – if you want to secure
your firm’s future, you must find a way to recruit younger
advisors
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Without a change in attitude, most advisors will fail to pass their firm to the next generation of advisors!
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11@r_alan_moore
Technology & Automation
▪ Commoditizing parts of investment management
▪ Forcing “advisors” towards financial planning (which makes
differentiation a challenge as numbers increase)
▪ Makes it easier for advisors to start/scale businesses as well
though!
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12@r_alan_moore
Why Advisors Should Pay Attention
▪ Bootstrapping a firm is easier than ever before – which allows
more advisors to work independently than ever before
▪ Technology makes it feasible to automate more than ever
before, giving us more time to spend focused on clients!
▪ Technology has also made it easier for advisors to leave and
start their own practices
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You can’t be more efficient than automated technology… You can’t out-robo the robo! But you
can add value beyond it.
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14@r_alan_moore
Crisis of Differentiation
▪ More CFPs than ever before - getting harder to differentiate
▪ Experience and credentials aren’t enough anymore; for what types of clients or
problems are you truly an expert?
▪ Need & opportunity for digital presence and online marketing, social media,
blogging, etc; the rise of inbound marketing
▪ Investment management is becoming commoditized, driving the industry towards
being more planning centric
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15@r_alan_moore
Why Advisors Should Pay Attention
▪ Generalization can hurt; specialization makes you a go-to
expert and authority, and more easily referable
▪ Google Search makes it possible to find anything!
▪ Investing in an online presence is now mandatory
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@r_alan_moore
If you had a serious problem to solve, would you look for a reasonably competent person in the
area, or the best expert in the world?
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17@r_alan_moore
Innovation of Business Model
▪ What is the true future of AUM?
▪ Hourly, annual retainer, monthly retainer, and blended models – on top of
“just” AUM
▪ Some changing to manage profitability, others as differentiator, others out
of necessity to serve target market
▪ Some more conducive to “staying small” as a firm, others foster expansion
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Why Advisors Should Pay Attention
▪ You can profitably serve clients on new business models (and
clients may demand it)
▪ Increasing demands on transparency may encourage a change
in business models
▪ Continuing to only charge AUM will limit your firm to a very
small segment of the population
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@r_alan_moore
There has never been a time in financial planning in which more things were in flux. You must be willing to evaluate every step of your business
process to continue growing your business.
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Questions?
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@r_alan_moore
Web – xyplanningnetwork.com
Email – [email protected]
Twitter – twitter.com/xyplanning
Where We Can Connect