Distinguished Advisor Conference Dissects Benefits Of Human And Robo-Advice

New value propositions are cropping up for investors everywhere today. . . but humans are not the only ones delivering. Is Robo-advice a competitive threat or a potential competitive advantage to advisors in multi-generation planning? 

The answer may lie in how efficiently you run your practice, according to   Nicholas VanDerSchie, Head of Advisor Solutions for Morningstar.  Nick will look at the critical business building issues professionals face in light of significant technological change at the Distinguished Advisor Conference Nov 8-11 in Puerto Vallarta.  

There are some significant issues to discuss:  Of clients with adult children, only 17% have a relationship with the advisor. One reason is the traditional full service model, which at some firms is only open to investors with million dollar plus accounts, makes it challenging to have up-and-coming Millennials as clients.   But that demographic  is going to be the recipient of 30 to 40 trillion dollars of wealth over the next 30 years—not to mention they will likely receive an inheritance from their parents (your current clients!).  

The advisor who is serious about catering to the next gen must leverage technology to onboard smaller account balance households.  But that also means their business must be more efficient in order to profitably serve them.  

“As fees move closer to zero, advisors will need to offer something more than asset allocation and investment management,” says Nick.  “To remain competitive through the forthcoming wealth transfer, advisors must embrace new technology and service models.  Traditional approaches do not resonate as well with Millennials and firms must augment their model in order to capture these assets.”   

Especially for elite tax and wealth advisors, DAC provides 15 CE/CPD Credits. 

Nick will speak on Day 3 of the DAC.  Registrations are available until October 15.  Call 1-866-953-4769 to ensure your place at this outstanding event.