Financial Advisors: Relevance Today and Tomorrow

Janet Kelly


Janet Kelly, Head of Practice Management, discusses six disruptions faced by advisors that are breaking down their ability to effectively serve high-net-worth clients—and three skills they can develop to turn these disruptions into opportunities.

Video Transcript

There are six significant disruptions we see faced by financial advisors today that are breaking down their ability to serve the high-net-worth market. What is necessary to turn these challenges into opportunities? How can advisors ensure they remain relevant and viable?

These are the six challenges:

  1. The value promise is collapsing.
  2. New investor segments are emerging and advisors are not prepared to deal with them.
  3. A redefinition of client as family is emerging.
  4. A new value promise is underway—advisors can move from technician to clinician.
  5. Advisors need to harness technology better.
  6. Tenured advisors need to stay engaged.

There is also a seventh challenge to this list: the systemic challenge created by the combination of all six happening at the same time.

These challenges operate as a system, so think about how to create a solution system that addresses all these challenges at once—that also allows flexibility to move your practice forward.

We’ll suggest three new abilities that are also connected and interdependent. They support one another to create a solution system, where each of the three combines in various ways that address each individual challenge and its interdependency with the other challenges.

Let’s look at each:

Behavioral Coaching—This is seeing the biases and blind spots in yourself and others that lead to poor decision making and poor outcomes about their futures. If we are to offer clients a rich experience, many of us as fiduciaries, we have to help investors make informed choices. And, we need to understand clients more deeply. Behavioral coaching activities enable us to help the client uncover what is meaningful and valuable to them and help them make better decisions based on this knowledge.

Innovation—We need a new approach to dealing with change. The innovation process has specific techniques and activities that make it work. You can learn these and then use it with your team, other advisors, product partners and even clients. Business modeling is about creating and testing the ideas with the goal of turning innovative ideas into invoices.

Leveraging Technology—We must embrace technology and push our platforms to the limit, demanding useful features. And then we can’t go to the trouble of installing this technology only to just use half of its capability.

We believe these three capabilities can work together as a solution system to address those six disruptions and will help advisors to remain relevant and viable well into the future.

Janet Kelly

Janet Kelly is a Vice President for Pershing, a BNY Mellon company, and leads Pershing’s Practice Management Consulting team. With over 30 years in the financial services industry, Janet has successfully engaged and inspired hundreds of individuals and teams, including financial advisors, private bankers, institutional salespeople and senior executives.

These professionals look to her for guidance and advice across critical areas of managing a successful practice, client acquisition and retention strategies. Janet is known for her sales and communication skills coaching. She is passionate about making a difference by sharing the best practices, allowing financial professionals to leverage her expertise for greater confidence.