In many parts of the world financial regulators are placing more and more constraints on the industry. From improving record keeping in terms of recording advisor/client conversations to alerting the industry about the need to understand client behavior over and above tolerance to risk.
Financial Services Firms are struggling with the inherent tension of increasing client engagement (sustainable revenue) and meeting the increasing regulatory pressure of FINRA Rule 2111 for enhanced product suitability compliance (firm protection). How are you closing this gap?
Often we think that clients want higher investment returns from their advisor, and therefore that defines the role of the advisor. However, research shows that clients want a relationship.
The key to effectively managing your personal finances is to have a positive attitude. This requires having clarity of your financial goals, in particular the level of risk that you can take, and having the right advice from a professional advisor.
Do you have a system in place to holistically determine the complete financial personality style of the client? Or, are you still relying primarily on your intuition?
How financial services regulatory pressure can shift the intended use of a technology and a definition of a word.
But my Financial Advisor doesnt ask the right questions! Sadly, not all financial advisors are fully committed to exploring your hopes and dreams and then matching your financial plans to deliver those expected life experiences.
Why traditional discovery methods lead to flawed recommendations.
J.D. Powers and Associates just released the results of a survey that found 31% of financial advisors were indifferent about their work and have no strong attachment to their firms. Without a connection to their firm, these advisors are likely to be open to discussions with competitors.