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Business is booming for financial advisors, as new clients pour in, seeking not just financial advice but also a trusted advisor on critical life decisions. The opportunity for the financial services industry to regain the trust lost during the financial crisis and establish the financial advice profession as both a valued source of information and guidance for investors, as well as a career of choice for future generations, has never been greater.
Yet capitalizing on this opportunity to build long-term trust will require firms taking deliberate steps toward deepening client relationships now to help guide them through the most critical life decisions and help them build financially secure futures.
Here are five things advisory firms can do now to achieve that:
1. Offer more than financial advice. Wealth management is no longer just about finances; it is about helping clients make sound life decisions - especially right now, with millions changing jobs during what's becoming known as the "Great Resignation." In many ways, advisors need to act as life coaches, guiding clients through critical decisions in life as they navigate a highly complex world. We are increasingly seeing advisors considering adding psychologists or life coaches to their staff
to h snake these difficult choices. By being able to talk more than dollars and cents,
