Getting It Right
There’s often talk in the advisory space about the need to “fire clients” for strategic and practical reasons. But for many advisors, the focus of their
success is on finding more ways to keep clients in order to
grow their businesses.
This month’s cover story, “How Can Advisors Bridge
the Emotional, Cultural and Generational Divides?” aims
to sort out some of the noise related to the latest thinking on advisor-client relations
and to help our readers better understand their clients’
behavior and what it means for
the future of their practices.
As Nicholas Arreola of CLS
Investments explains, with technology widening its influence in
financial services, advisors are
discovering that managing client behavior can be their magic
wand. In fact, though difficult,
embracing the role as a psychologist, or at least as a behavioral coach, can be incredibly valuable
for advisors and clients alike.
The aim of this research, and our coverage of it, is to help
clients overcome cognitive biases and to better serve them by
understanding the benefits and limitations of their particular
personality traits and generational characteristics. This work
may seem overwhelming, but it seems to offer powerful ways
to interact with clients as never before.
In terms of my own communications with financial-services
firms, I’ve been mourning the loss of my mother and making
lots of phone calls to lots of institutions. I have to say that it’s
been disappointing not to hear customer-service reps say “
condolences” at the start of many of these conversations.
Both this publication and our website ThinkAdvisor have
shared the insights of grief expert Amy Florian, who offers
helpful (and easy) ways advisors can support those experienc-
ing loss or other painful transitions. As I go through this pro-
cess, I’ve come to appreciate an extra touch of kindness and a
nice dose of sympathy, empathy and support.
Turning to area of technology, our October issue highlights
cybersecurity in conjunction with National Cybersecurity
Awareness Month. Several of our authors, like Dan Skiles and
Fran O’Brien, explain what advisors and clients need to look
out for in the ever-expanding world of tech vulnerabilities and
Contributor Tim Welsh shares the buzz from the recent
To work with, and not lose out
to technology, advisors will need
to focus more on helping clients
with career plans and health
care, especially in light of grow-
ing longevity. They also should
add self-service functions to their websites and client portals,
according to another expert who spoke at the SS&C event.
Washington Bureau Chief Melanie Waddell describes what’s
new with regulatory technology, or regtech, in her Washington
Watch coverage. A white paper from the Financial Industry
Regulatory Authority sheds light on how this resource is being
used in surveillance and monitoring, client identification and
anti-money laundering work, risk management and more.
We send advisors, clients and firms in the Carolinas our best
wishes for a speedy recovery from Hurricane Florence, which
damages may top $20 billion. We also hope the rest of this
year’s hurricane season proves far less devastating.
As Nicholas Arreola of CLS
Investments explains, with
technology widening its
influence in financial services,
advisors are discovering that
managing client behavior can
be their magic wand.
By Janet Levaux