The era of silos for financial advice is over. So, allow me to take time to look at a few areas where formerly distinct services have started to converge.
I’ll start in the retirement plan advice sector, where the firms that manage defined-contribution plans, for myriad reasons, have started to expand the services they provide to plan participants. InvestmentNews launched RPA Convergence last year in response to this new reality. This week’s acquisition of Prudential’s retirement business by Empower in a $3.5 billion deal proves this reality.
But it’s not just retirement plans. In the traditional financial planning realm, advisers continue to see the need to expand their services beyond portfolios. The goal of the unified managed household remains out there, albeit in the distance, but pulling in services that extend to health care and longevity represents the inescapable direction of advisers to provide full service, not just investment service.
And then there’s the confluence of generations. You’re not just serving the client who wants to provide for the next generation anymore. Increasingly, clients are helping their parents, planning their own futures, and guiding their heirs. The pandemic has only extended this reality. That generational collision has brought additional factors into the relationship. This convergence has motivated advisers to consider ESG and diversity in order to better serve each of these groups and keep every group in place.
There are no more silos.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
