News Article

Advisors Uncertain About Their Future: Finding New Direction

Posted: June 12, 2018
Posted in: Strategic Thinking, Current Issue, knowledge bureau, succession planning, Evelyn Jacks, financial advisors, tax advisors, tax education, entrepreneur, artificial intelligence, Executive Business Builder Program, online education, Real Wealth Managers, leadership development, corporate culture, Business Builder Retreat, holistic wealth management, transitioning a business, Fundamentals of Succession Planning

A new study shows that change in the financial services is leaving many advisors feeling unsettled and insecure about the future of their firms. If you’re one of them, exactly what are the solutions that can provide meaningful help to you?

Investment Executive published the findings of their 2018 Dealers’ Report Card last week, and brought to light some key issues impacting the advisory industry. The biggest point of note was the evident dissatisfaction advisors have with their firms.

Fifty-eight percent of firms’ performance ratings dropped at least half a point compared to last year, while a mere 22 percent received a higher rating. The biggest issue cited? The stability of their firms as a result of current or upcoming ownership changes, management, and the impact of Artificial Intelligence (AI) technology.

This feedback emphasizes how important it is that both the firms’ leadership teams and advisors themselves be proactive in tackling these issues head-on. Business owners and management should start enhancing their skills today, in order to demonstrate effective leadership that instills confidence in their employees. And to ensure that the business is set up for future success, it’s essential to put increased focus into succession planning and building a corporate culture in which staff are engaged, involved, and understand what to expect when a transition occurs.

For these reasons, Knowledge Bureau has created the new Executive Business Builder Program to help business owners and leaders get through these challenging times with education and expertise. Level 1 of this designation program focuses on helping advisor prepare for themselves and their clients; the medium term strategic business plans that will propel businesses forward through change. Preparing formalized policies and procedures in a digital environment is next, to shore up scalable business operations. 

Another focus is on contract law – so many business owners want to hire more staff, subcontractors, or engage more corporate clients; yet they don’t understand how to create the agreements to establish fair and firm relationships. Courses in entrepreneurial marketing and business valuation are also featured.

Level 3 of this program places emphasis on learning how to invest in employees to build an innovative workplace culture and developing leadership skills. The complete program is ideal for those advisors currently feeling unsettled in the firm they work for, and who are ready to take the leap towards building their own businesses rather than leaving their future in someone else’s hands. Likewise, it addresses the needs of owner-managers who are ready to expand their firms, but don’t yet have the skills to do so.

“AI” or Artificial Intelligence is another big concern for advisors in many firms because the use of this technology changes the services that tax and financial advisors need to provide. But the focus simply needs to shift to adding value by providing holistic wealth management services. AI can’t replace the personal touch you can offer to your clients, and Knowledge Bureau’s Real Wealth Manager Designation can help you realign your thinking to make this change, and mitigate the risks of being “replaced” by technology. Several important technical courses in specialized areas included personal, corporate, and estate taxation and their impact on the decisions of retirees and business owners are featured.  

Time is almost up to enroll before the June 15 deadline to receive tuition savings! Enroll today, and study online at your convenience.

Additional educational resources:

  1. Want to get a taste for the programs mentioned above? Free trials are available, and you’ll earn two CE/CPD credits upon completion, too!
  2. Enroll to attend 2018’s live events, especially Knowledge Bureau’s newest offering. The brand new Business Builder Retreat gives you the opportunity to brainstorm new strategies, and refresh your mind and business goals in the company of other leaders. Join us in Quebec City in November for this exclusive event.
  3. Further prepare your business with an effective succession plan, utilizing the knowledge and skills developed through our Fundamentals of Succession Planning certificate course.

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