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Weekly Thought Provoker: Threats or Adaptation Opportunities?

Posted: September 08, 2017 VIA: Knowledge Bureau
Posted in: Strategic Thinking, Financial Literacy, Financial Advisor, investment, knowledge bureau, relationship management, succession planning, Evelyn Jacks, wealth transfer, financial services, financial education, innovative thinking, thought leadership, financial advice, future-proof, economic changes, robo-advisors, CRM2, fee disclosures, Millennials, Baby Boomers, Executive Business Builders Network, Executive Business Builders Program, career opportunities, career growth, financial services jobs, Breaking News, Practice Management, Strategic Thinking

Join our online discussion: When changes in the industry force professionals to adapt, should we call them threats, or are they opportunities?

Threats, disruptions, competition, challenge. Whatever terms you choose to apply to the way the financial services industry is changing, failing to transform with it will leave your business at risk. These words speak to the vulnerability that many advisors and other industry professionals feel when considering the impact of Artificial Intelligence, CRM2, succession, and intergenerational wealth transfer. While anxiety is a natural response to forced change, should we be seeing these things as threats or as opportunities for growth and evolution?

There’s opportunity at the crossroads of change, and apprehension can also create a sense of urgency that promotes growth. We decided to revisit a previous topic for this week’s Weekly Thought Provoker on the Executive Business Builders Network, as it’s a hot topic that has been a great source of discussion and innovative thought among our members.

EBBN member Susan Watkin made the point that “threats” are only threats to the unprepared, and agrees (per our last discussion topic on relationship management) that focusing on forming strong client relationships is the solution:

Sure, there are concerns of diminishing need of accounting/bookkeeping professionals due to the overwhelming increase of computer programs, bots, etc., but I try to look at it as the opportunity for financial professionals to grow as well. I ask myself, how can I adapt with these changes so that my business can survive? Biggest thing is to know what is out there and become a knowledge leader on that, and make yourself invaluable. A threat, I suppose if I choose to look at it that way; but, as you’ve noted Evelyn, in your last point, where we can win is in the relationships we have with clients and colleagues.”

We created the Executive Business Builders Network to brainstorm among thought leaders on how we can innovate and adapt. Seeing opportunity in challenge is how you’ll thrive where others may fail. If you aspire to become a change-maker, join us, and tell us what you intend to do to transform threats into adaptation opportunities.

Additional educational resources: Executive Business Builder Program

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