5 Smartest Things Heard at Raymond James Symposium for Banks, Credit Unions
That was a common theme that popped up repeatedly at Raymond James' Financial Institutions Division Symposium in St. Petersburg, Fla., on Feb. 9 11.
Speakers urged advisors to connect with clients on a personal level to set themselves apart from automated or "robo" advisors. In addition, speakers addressed a variety of other topics, from the outlook for the economy to succession planning and recruiting. Here are some of the more notable things we heard.
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Equity Rally Still Has Legs
Ezrati cited equity valuations and the expected continued growth of the U.S. economy as reasons for his upbeat outlook for the U.S. equity market. "The market is not as drop-dead gorgeous as it was last year or the year before or the year before that, but that doesn't mean it's not attractive," he said.
Read full story here: Equity Rally Still Has Legs
Get Customers to Open Up
McAleer encouraged advisors to help clients address the physical and mental hurdles of old age, urging them to talk to their clients about housing, transportation and healthcare, the three top issues for many seniors and their families. "No robo can sit and have a conversation about this," McAleer said.
Read full article here: Longevity Planning: A Way to Fend Off Robos
Talk About the Right Things
Using his signature Venn diagrams, Richards (aka "the Sketch Guy") drew two circles, one representing "your money" and that other "your life." The intersection of the two, he said, represents "real advice," the place where advisors can compete against robots. As long as you display empathy and trust, he said, "there will always be a job for you."
Partner With the Bankers
Kruchten is pushing his advisors to meet with bankers and to conduct joint banker-advisor annual reviews with clients. He asks that advisors create a joint meeting agenda to show to "their bank partners that they are detailed and do follow a process," Kruchten said. "A joint meeting agenda is our chance to start to uncover for deposits, credit, insurance and all the other things that our bank is looking to make revenue on," he said.
Nothing to Fear From Robos
Read full article here: Robos: A Threat to Real Advisors?