Are you truly wanting to build your practice and your Business? Well, if you are, you should be seriously considering this dynamic program that has recently been developed for you by NAIFA. ADVISOR 2020 is at your finger tips, see for yourself.
The success of financial advisors of the future will lie in their ability to redefine and reinvent the value they bring to their clients in the face of changing market and financial forces over the next six years, according to a new book published by the GAMA Foundation and sponsored by NAIFA.
The book presents two research studies conducted independently and simultaneously “to help advisors evolve into the faster, more flexible and more value-laden profession that the world of 2020 will require,” according to Advisor 2020.
The first study, “The Market of the Future” identifies economic, demographic and sociological factors that will transform what clients expect and what types of products and services they will need. The second study, “The Advisor of the Future,” examined emerging challenges and opportunities from a cultural and environmental perspective, with a look at major trends driving change and impacting the industry and management of advisors’ practices.
· The demand for insurance and financial advisors will outpace the average growth of the U.S. workforce by 2020. However, the pool of candidates for these jobs will begin to shrink as the numbers of college graduates and early career changers decline.
· Stiff competition for affluent clients will push more advisors into serving the middle market, which is currently underserved.
· The growth of employment by small businesses will increase the pool of individuals and families needing insurance and financial products not offered at their workplaces.
· Clients will demand a broad range of financial and non-financial services and products from advisors, including lifestyle management, wellness counseling and financial literacy education.
· To succeed in this environment, some advisors will concentrate on small, niche products and services or market segments. Most, however, will work collaboratively with other professionals and paraprofessionals forming groups that can meet all their clients’ growing advisory needs.
The research conducted for these studies will enable NAIFA members to make informed decisions about their practices, especially as they continue to serve the middle market and meet the changing needs of consumers. Go to NAIFA.ORG and dive in!!
Roger McDowell, LUTCF