At this time last year, no one could have predicted the events of 2020. In response, advisors have learned to navigate a challenging environment that will likely spill into 2021. To help navigate this landscape, we outlined key considerations and how they could impact your business.
The coronavirus: The pandemic has reinforced the importance of preparing for the unexpected by building emergency savings. Our nation’s response to the economic shutdown proved a large portion of Americans have inadequate funds set aside to tide them through difficult times. From a business perspective, the rapid transition to remote work exposed models that were unprepared to cope with the requirements imposed by the coronavirus. To learn from the past, it’s important to remain vigilant and work to ensure that both your clients and business are in a position to withstand the unexpected and succeed in every environment.
Serve the underserved: Wealthtech can help advisors profitably serve client segments that have previously been neglected. These smart segmentation strategies and carefully crafted product offerings have the potential to do a lot of good. Embrace this technology and expand the scope of your client base to include the underserved markets, especially new investors. Don’t pass over the next generation because they aren’t considered high-net-worth.
Personalization is key: Investment advisors need to be highly responsive to the changing needs of their clients. From goal-based planning to a risk tolerance questionnaire, customize your client’s experience while keeping a strong infrastructure of processes in place. At RobustWealth, we can do just that to give you the personalization your practice craves and take the back-office tasks off your plate so you can focus your time on your clients.
Remember the big picture: Investment advice is much more than building a financial plan and managing a portfolio. Industry consolidation is leading individuals to manage their entire financial life using one platform. By embracing this trend with open arms, it’s possible to help clients on a deeper level in both their financial and personal lives. Your expertise gives you the ability to vet products and develop a portfolio of solutions that can dramatically benefit them.
While we could face more uncertainty heading into 2021, there are steps we can take to better prepare our clients and ourselves for what may come our way.
How is RobustWealth serving advisors?
Learn about our technology solutions by requesting a demo today.
Investing involves risk, including possible loss of principal.
Returns represent hypothetical performance and do not guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
The subject matter in this communication is educational only and provided with the understanding that RobustWealth, Inc.® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.