“What are successful advisors doing these days?” might very well be the most frequently asked question in financial services. 

At Loring Ward we’ve been conducting regional Advisor Study Groups for nearly 15 years.  Over time, the names of the groups may have changed, but the purpose and outcomes certainly haven’t. Advisors learn exactly what other successful advisors are doing, which can elevate the success of the entire group. Because of this interaction and idea sharing, advisors consistently rate the study groups as one of their most valuable resources.

A recent study by Envestnet titled “State of the RIA Market” shares some very important advisor trends. First, since 2008 advisors have been using fewer asset managers.  Second, consistent investment style and low expenses are the two most important reasons RIAs choose to invest with an asset manager.

To me, this research indicates that advisors are realizing that to succeed, they need consistent client and investment management processes.  That consistency allows advisors to focus on what is most important – time spent with their clients helping them understand and plan for present and future challenges.  

I encourage every advisor to take a look at their written value proposition. If you have one, dust it off and give it a makeover. If you don’t have a value proposition, the time to prepare one is now. Make sure your message is focused on what you can do for your clients and what makes you the right advisor for them.

At Loring Ward we have worked with advisors since 1990 without ever changing our investment philosophy.  Our Asset Class Investing approach combines low expense ratio, institutional asset class mutual funds with broad diversification and a systematic, disciplined rebalancing process designed to deliver consistent risk/return exposure for clients.  

I’m looking forward to the next study group where we will be discussing ideas and approaches for building new client relationships and strengthening existing ones. If you’re not currently part of a study group, I encourage you to find one, whether at Loring Ward or someplace else. Maximizing consistency, minimizing expenses, articulating a clear value proposition and strong peer collaboration are all essential for successful wealth advisors today.  


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