Advisers need to go beyond niches to succeed

Nov 20, 2013 @ 12:00 am

Runtime: 2:24

National Planning Corp. CEO John Johnson on how advisers need to broaden beyond specialties, or form multi-specialty teams, to meet the next generation of clients' demands.

Video Transcript

Advisers, you know, they speak digital but they do so with an analog accent. And so I think really getting in touch with what makes the millennials tick is very, very important and that's information they're use to getting everything instant-- instant gratification, instant information and the more information they have is good since there's more transparency. But that also requires that the adviser to become more of a specialist or operate in a team of specialists in order to be able to deliver what they are looking for. The new jobs that the advisers need to take on have to do with becoming a lot more knowledgeable in a lot more aspects of wealth management or financial planning. Many people today or advisers or investment specialists and I think they're gonna need to be much broader into considering taxation and debt in the full financial picture. And the need to do so themselves or again in a line in a team of specialists because with transparency of the information and the propensity of younger investors to get that information instantly they're gonna rely on a deeper dive if you will from an expert in order to rely on that expert. You know, I think the biggest struggle we have and this is as a leader of independent contract organization moving accounts and moving representative is very difficult because of regulation and privacy. You know, if there was some sort of platform or warehouse of information and sort of escrow that, you know, the client could dictate which adviser they wanna use and have everything sort of happen instantly rather than go through manual paperwork I think sort of co-platforms among investment providers or I'm thinking of a word-- a warehouse of information that could more quickly allow the transfer of both assets to the advisers and advisers to new organizations.

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