One of the things I have noticed about financial advisers and practices that continue to thrive is that they are masters of reinvention.
Just last week I met up with a principal and operations director of a successful practice.
Even though things are going very well right now they know they need to evolve. The direction they want to go in is to put client well-being at the core of their proposition.
The role of a financial adviser is changing (again!)
The practice owner I met with and I have known each other a long time. When we both started out as self-employed financial advisers in the early 1990’s it was a sales role.
But things were changing. With increasing regulation and professional requirements, the role of a financial adviser began to change. It became consultative.
The increase in professionalism was a good thing and yet, right now, another shift seems to be taking place.
The age of big picture thinkers
Daniel Pink is an astute and provocative writer of several best-selling books. In ‘A whole new mind’
‘The last few decades have belonged to a certain kind of person with a certain kind of mind – computer programmers who could crank code, lawyers who could craft contracts, MBA’s who could crunch numbers. But the keys of the kingdom are changing hands. The future belongs to a very different kind of person with a very different kind of mind – creators and empathizers, pattern recognizers and meaning makers. These people – artists, inventors, designers, storytellers, caregivers, consolers, big picture thinkers – will now reap society’s richest rewards and share its greatest joys.’
What does this mean for financial advisers?
Financial advice has historically focused upon a client’s outer life. In other words, their financial issues, financial arrangements, goals, plans, and outcomes.
Yet it has largely ignored a client’s inner life, meaning their well-being, quality of life, values, feelings, and emotions.
The future belongs to advisers who excel at the human element. Of course, there will still be some focus upon a client’s outer life because that’s important.
Yet the advisers of the future and those most sought after will be those who help clients to connect money and the meaning of it in their lives. They will coach clients through life transitions. Ultimately, they will help clients experience greater well-being, quality of life, and peace of mind.
PS. Are you ready for a change? Email me at john@clientcentredadvisers.com and we can set up a conversation.
