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 studies’ key findings
include:
· 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
Progessional
Development
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