Excerpt

The ability to demonstrate value has never been more important for financial advisers. Technological innovation is putting cost pressure on the investment component of the advisory offer and driving down margins, while the shift to fee-for-service means advisers need to prove the value they provide in every interaction they have with their clients.

A raft of regulatory changes, the global financial crisis, increased competition and a shift in the balance of power
from the adviser to the consumer have drastically altered the role of the financial adviser in recent years.

In the old world, advisers were expected to solve problems, offer access to new investments and prescribe solutions. In the new world, advisers are expected to coach clients through the decision-making process, facilitate solutions and collaborate with clients to determine the right strategy for them.

The change in the nature of the adviser-client relationship means advisers need to fundamentally reshape the conversation they’re having with prospects and clients if they want to build a successful, sustainable business.

The future looks bright for financial planning – but it also looks different.

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