Product line extension is a tried-and-true approach for leveraging an existing infrastructure, brand and capability set into new revenue generation. As financial advisors prepare for a future of tightening margins amid greater competition, offering individuals a second opinion on their current financial plan and investment strategy may be one attractive new business development opportunity to consider.
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For an industry that prides itself on finding opportunities, wherever they may exist, it’s remarkable that Generation X has been so totally ignored by most financial services and wealth management companies.
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A client’s success is predicated on having a dynamic plan that adjusts to changing circumstances. The same holds true for a financial advisor, whose business plan must be continuously updated so that it can serve its essential function of growing a practice.
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Baby Boomers have redefined the culture since the early 1960s, and so it shouldn’t come as a surprise that they are redefining retirement. One of the ways they are doing this is through university-based retirement. In other words, Boomers are headed where educational and cultural opportunities abound—college towns.
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The primary reason advisors pursue a professional designation is so that the knowledge gained can help them better serve their clients. An indirect outcome of obtaining that professional designation is that it can add to an advisor’s credibility among his or her clients and the investing public at large. The degree to which these designations may add credibility rest on several factors.
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