The Britney Spears saga to escape the conservatorship that controlled her finances, personal life and medical decisions educated a whole generation of Americans to a highly complex legal framework that, in reality, is applicable to a very small percentage of the population.
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On May Day, the 183-year-old Wall Street practice of charging fixed commissions came to an abrupt end. The industry profoundly and irreversibly changed that day. It gave rise to discount brokers—Charles Schwab being the pioneer and most successful offspring of May Day—and led to the disappearance of scores of old-line, white-shoe brokerage firms who found themselves unable to compete. Some historic inflection points come with black-and-white dates and blaring news headlines; others sneak up, quietly and gradually. Either way, they are not to be ignored.
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Perhaps it should come as no surprise that the digital revolution is now disrupting the monopoly power of central banks and nation-states. Bitcoin, in its short history, has been in the vanguard of this disruption.
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Where many of today’s financial services practices are comprised predominantly of Baby Boomers, advisors need to look to the future of their client base … where will the assets come from? Heirs to those very Baby Boomers could be a possibility, but has the advisor brought the heir into the fold, making them feel as if they are also a valued client? Advisors should act immediately to capture this next generation of wealth. Here are three main actions advisors can implement now to make the transfer of wealth management possible.
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Having a thoughtful and relevant value proposition is foundational to your financial planning practice because it defines who you are and what you do, how an investor benefits by working with you, and ensures that your practice stands out in a crowded and competitive marketplace.
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