The wealth management industry is continually facing changes: new technology, the impact of Washington policy, the newly implemented DoL fiduciary rule and ever-evolving client demands.
For planners, this creates greater opportunity to advance their careers and practices, according to a recently published 2017 Advisory Authority study. The research takes a look at what is most important to RIAs, fee-based advisors and their clients.
The study focuses on two segments of highly successful advisors: those with a yearly personal income of $500 million or more from their business and those who manage more than $250 million in AUM.
Analyzing different aspects of these top performers, the study's authors were able to come up with a list of eight habits successful advisors should have.
“Our findings reveal the mindset and focus that it takes to engineer a path to success," the report says. “We believe that advisors at every level can learn from these actionable insights to build a more successful practice and establish a viable franchise for the future.”
Planners have every reason to be optimistic about that future, the report continues.
“They are fostering the creation of new business models with a level of ownership, entrepreneurship and innovation that doesn’t exist in other channels. They are a powerful force, working to drive change and conceive the future state of our industry,” the report says.