The Essential Advisor Building Value in the Investor Advisor Relationship 1st Edition by Bill Crager, Jay Hummel 9781119260646 1119260647

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ISBN 10: 1119260647
ISBN 13: 9781119260646
Author: Bill Crager, Jay Hummel

Leverage the financial services evolution to maximize your firm’s value

The Essential Advisor presents an insightful handbook for advisors looking to navigate the changing face of financial services. The industry is evolving, consumers are evolving, and many advisors are being left behind as old methods become less and less relevant. This book shows you how to turn this shift into a positive, by positioning your firm to maximize these new opportunities, and deliver the results and experience increasingly expected of financial advisors. You’ll learn how to provide the transparency, hands-on interaction, and around-the-clock access today’s clients demand, and how to consistently deliver service that robo-advisors cannot duplicate. Emerging technologies do not have to be a threat to your practice–they are tools that represent opportunities to provide greater service to your clients, and smart technology integration will be a hallmark of firms that survive the shift. This guide provides a clear vision of the future of financial services, and an indispensable management framework for maximizing your firm’s future value.

Advisors are increasingly confused about what clients are seeking, and clients are equally confused about what advisory firms offer that alternatives cannot. This book helps clear the air on both sides by examining the client’s perspective of financial services, and helping advisors better communicate their strengths.

• Articulate the value of your services
• Leverage new technology to complement your practice
• Capitalize on opportunities and maximize your firm’s value
• Position your firm to benefit from the changing consumer population

Financial advisors can only grow their businesses if clients know what they do, know how to hire them, and can access them affordably. The Essential Advisor shows you to bring your firm into the future successfully.

The Essential Advisor Building Value in the Investor Advisor Relationship 1st Table of contents:

Chapter 1: The Evolution of Financial Advice
The Roots of Modern Investing
Regulatory and Tax Changes Spur Evolution
A Small Shift to Advice
A New Advice Model
Key Takeaways
Notes

Chapter 2: The Evolution of Complexity
Talking about My Generation
The Not-So-Simple Life
The Challenges of the Family Advisor
Needs and Wants
The Search for Simplicity
Exercise 1: You All Sound the Same
Exercise 2: Presentation Is Everything
Key Takeaways
Notes

Chapter 3: The Digital Divide: Napster or Amazon?
A Tale of Two Companies
The Fate of Robo Advisors
From Channel to Solution
The Lasting Impact of Robos
Key Takeaways
Notes

Chapter 4: The Pillars of Value
Defining Value—A Large Broader View
A Summary of Value Creation
Pillar 1: Financial Planning—50+ Basis Points
Pillar 2: Asset Class Selection and Allocation—28 Basis Points
Pillar 3: Investment Selection—80+ Basis Points
Pillar 4: Systematic Rebalancing—44 Basis Points
Pillar 5: Tax Management—100 Basis Points
Key Takeaways

Chapter 5: Communicating the Essential
The Industry Value Cycle
Define Your Value Proposition
Assessing Your Current Value Statement
Your Value Proposition: How to Get Started
How to Articulate Your Value Proposition
The Value Proposition Goes Social
Conclusion
Key Takeaways
Notes

Chapter 6: Building the Essential Relationship: Who Are You Going to Call?
The Power of Relationships
Transitions Clients and Advisors Encounter Together
Building around the Transitions
Transitions Expose Digital-Only Platforms
Key Takeaways
Note

Chapter 7: Success in the Digital Revolution
Data, Insights, and Advice
The Future of Planning
Change the Meeting
Understand the Cost of Implementation
Overcoming the Lack of Long-Term Technology Adoption
Key Takeaways

Chapter 8: Maximizing Value
Is the Cost of Advice Prohibitive?
A Firm That Raised Fees
Adapting to Changes in Fee Disclosure
Delivering on Your Value Proposition Never Ends
Key Takeaways
Notes

Chapter 9: Finding the Essential Advisor
A Growing Number of Choices
The Essential Advisor
Avoiding the Bait and Switch
It’s Okay to Say No
The Advisor of the Future
A Final Story
The Last Word
Unlocking the Value of the Independent Advisor
Crossing the Digital Divide
Here We Go Again: It’s More Than Man versus Machine

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