Advisor service models are changing, and this change is driven by the Gen X and Y advisors. Observing the retiring Baby Boomer advisors, Gen X and Y don't want to work the same 60-70 hour weeks as their predecessors. They are driven by a desire for work-life balance. Work-life balance ranks at the top of the list when younger advisors are considering employment opportunities. They are also looking for firms that are willing to adapt and evolve.  27-158638400.jpg


Recognizing this shift is important for talent recruitment and retention in the financial services field. Young advisors are planning for the life they want to live, and adjusting their work to meet those requirements. This is change in mindset is resulting in new service models.


Service Model of the Future

The life-planning model, and customized advice based on a client's goals, is still valid. The change is occurring around traditional client portfolio management. These advisors see the value in customized advice and want to leverage niche expertise. Advisors are starting to focus their service expertise on anything from discount brokerage advice and traditional life planning, to credit card bonus points counseling and travel/ frequent flyer portfolio management.


As advisors identify and target their niche, it's important that communications follow suit. They must personalize communications, test social channel responsiveness, and deliver content that educates the client. Traditionally, doing all of that would require more resources and time than most have available. Technology can now help maximize time, personalize messaging, and put advisors in front of their clients and potential clients in an effective and efficient way. All of that can help establish them as a thought leader in the sector, create a personal brand that gets them noticed, and keeps them front and center once eyes turn their way.


Clients of the Future

Typically, planning firms are geographically relevant to the intended client target. But now younger advisors are location-independent. Their clients also place less emphasis on the location of the advisor. Client meetings now occur through Skype or Google Hangout. This is allowing advisors to expand the reach of their niche focus and refer clients outside their niche to the appropriate advisors.


As advisors build out their client book of business it's necessary that regular engagement become a priority.  Because clients are geographically scattered, maintaining contact through the use of relevant content and channels is a must. Advisors must optimize preference centers, deliver on KYC policies, address the client relationship stage, and meet regs and legs requirements. They must remember to deliver content based on behavior and use analytics as a barometer for existing engagement and as a tool for uncovering new engagement opportunities.

Communication Techniques of the Future

As service model and client expectations evolve, so must communications. Advisors must enhance financial services events to inform, educate, and engage with clients. They need to extend the reach of more traditional communications across those channels accessed by Gen Y clients, like digital advertising and social media. Advisors should also develop relevant and engaging content that educates and emotionally draws in their clients.


Finally, advisors must learn to decode client engagement by capturing and analyzing an individual's Digital Body Language across all channels.


How are you adjusting for the service model of the future?