A crisis in the financial services industry is about to unfold as fewer professionals choose to become advisors and more of those already in the field will be leaving in the next few years.
That is why Genworth Financial Wealth Management, a subsidiary of Genworth Financial, Inc. [GNW], hired Matthew Matrisian as its new vice president and director of practice management to help build out succession planning tools, resources and services that can be delivered both online and at offline events.
“Financial advisors spend each day worrying about clients' financial futures,” said Gurinder Ahluwalia, president of GFWM. “In hiring Matt Matrisian, Genworth's goal is to ensure we help advisors think about their own future.”
Matrisian will lead a team dedicated to educating financial advisors on the importance of transferability, which is the ability for business to thrive once the lead advisor retires. Genworth reports that the key to unlocking the challenge of transferability lies within three best practices: outsourcing, creating systems and procedures, and evaluating financial models. Research has shown that the most successful advisors spend at least 60% of their time working with clients and prospects, according to Genworth, and outsourcing as many of their firm's non-core competencies as possible. This allows more time for lead advisors to focus on financial problem solving, client relationship management and business development. Another important business practice is to have processes and systems in place in terms of client communications, investment management, and operations that impact the level of personal attention and other services clients receive, says Genworth. This ensures a level of consistency in the experiences delivered to clients, improve staff training and retention. In addition, the ability to monitor and evaluate various financial models is critical to helping advisors maximize the value of their businesses.
Matrisian has over 15 years of experience assisting advisors in developing acquisition strategies, managing the mergers and acquisitions process, firm valuation, buy/sell side representation, succession planning support, consulting on practice management issues, and developing sustainable growth strategies.
“Considering the vast number of baby boomers in our industry who are planning to retire in the next five to 10 years, it is time for advisors to focus on their own financial futures,” said Matrisian in a press release. “I'm happy to be in a position where I have the resources to help our advisors think more strategically when it comes to managing their businesses.”