The Enduring Advisory Firm

A guide for financial advisors who are ready to embrace new opportunities The Enduring Advisory Firm is a book for the forward-thinking financial advisor. Financial advisement is traditionally a hands-on field, so few in the industry feel threatened by the shifting social and technological landscape. In this book, Mark Tibergien—routinely named one of the most influential people in the financial services world—and Kim Dellarocca make a compelling case for taking a closer look at technology and other big-deal industry trends in order to move the business of financial advice into the next stage of its evolution. Combining a facts-based approach with case studies and examples from the field, The Enduring Advisory Firm will ignite your imagination by demonstrating practical strategies for attracting clients and streamlining operations. Today's smart practice managers are focusing on emerging topics like the needs and expectations of the Millennial generation, mobile and interactive technologies, and growth planning. Responding thoughtfully to these trends, with the help of this book, could propel your financial advising business toward a more successful future. In-depth discussion of trends and forces that you can harness to reshape your financial advisement business Case studies and examples showing how to navigate the most difficult business decisions Innovative ideas for process improvement, more fruitful client interactions, and sustainable growth Tips and insight for attracting Millennial clients and talent by leveraging new technologies The Enduring Advisory Firm will inspire financial advisors, managers, and executives to branch out in ways that will lead to measurable growth. With a newfound focus on the evolution of your business, you might be surprised at where change takes you. In addition to providing RIAs with guidelines to help them succeed, all of the proceeds from this book will support the CFP Board Center for Financial Planning, a national initiative to create a more diverse and financial planning profession so that every American has access to competent and ethical financial planning advice.  The Center brings together CFP® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. Learn more at www.CenterforFinancialPlanning.org.

Acknowledgments ix Preface xi PART I: THE STATE OF THE ADVISORY BUSINESS CHAPTER 1 Key Business Trends 3 CHAPTER 2 What Business Are You In? 15 PART II: THE ROLE OF DEMOGRAPHICS AND THE ABILITY TO GROW CHAPTER 3 A New Paradigm for Relating and Growing Relationships 31 CHAPTER 4 The Mature Client 41 CHAPTER 5 The Baby Boomers 55 CHAPTER 6 The Generation X Client 69 CHAPTER 7 Millennials 83 CHAPTER 8 Generation Z and Beyond 93 CHAPTER 9 Investing Women 99 PART III: BRINGING CHANGE TO YOUR PRACTICE CHAPTER 10 Transforming from Practice to Business 119 CHAPTER 11 Culture Wars 135 CHAPTER 12 A Vision and Leader for the Future 153 Index 173