Training – For advisers to make this transition they will require a different set of skills tailored to client needs and suited for their evolution into wealth coaching consultants. Companies will need to establish training programmes that enable their advisers to successfully move from being investment-led to holistic client relationship-led.
Recruitment - The ageing adviser population is likely to be a significant short-term headwind for the industry as a whole, especially when combined with the impending wealth transfer. However, this also presents an opportunity for wealth managers to reimagine their talent development and recruitment strategies to support the technology-enabled hyper-personalised advice paradigm. It is possible that one problem can ultimately help resolve another.
For wealth management companies, digital tools, constant access and automated hyper-personalisation across their advice and engagement model will revolutionise their businesses. Advisers need to embark on the journey now – by establishing a strategy for using data and technology to enable personalised counsel and support. This way, advisers will ensure they are ahead of the curve and firmly established as winners.
Russell Andrews is head of solutions, UK, Europe and Asia, asset management distribution, at SEI Investments
