New advisors have an opportunity to set the tone for a positive transformation in the financial services industry, despite fears that a new digital economy continues to replace certain positions. In fact, digital disruption offers up-and-coming millennial advisors a great advantage if they use their strong technical skills along with emerging technology to embellish on relationship building at a critical time of demographic change.
According to the C.D. Howe Study, Next-Gen Financial Advice, “Firms are dealing with a looming perfect storm—fee compression, shifting demographics, unrelenting regulatory changes and an erosion in the number of human advisors as advisors who are baby boomers retire. In this context, technology should be viewed as a savior, rather than a threat.”
The millennials have the unique strength of comfort and ease in a technological world. Whether you’re part of this demographic or not, embracing, rather than fearing the change that digital disruption brings can help you make a positive impact through the work that you do. Here are three key areas to focus on to add more value to your services:
What are your thoughts on digital disruption? We’d love to hear from you. Join the conversation and have your say when you answer our May poll question: Has Digital Disruption increased the value of your services to your clients?
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