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Wealth managers must adapt to prosper


Wealth managers must adapt their business propositions says Pershing Limited, a BNY Mellon company.

At its annual UK advisory council, Mark Tibergien, CEO and Managing Director, Pershing Advisor Solutions LLC, highlighted what advisory firms should do to continue to grow profitability amid an environment of continued regulatory, technological and industry change. He urged advisers to adjust their business propositions and critically analyse the core components of their business in order to maximise the opportunities presented by the evolving financial services landscape.
 In order to better attract new clients and retain existing clients, and compete effectively against new entrants and digital advice services coming to market, Tibergien encouraged advisers to focus on pricing, demonstrating the value of advice by providing clear, competitive charges. Firms need to present a clearly differentiated business model which highlights service benefits in a consumer-friendly style, he says.
 In terms of the client base, Tibergien urged advisers to think long term and multi-generational. “Think beyond the person sitting in front of you, what about their spouse and possible children? Target new market segments, for example by developing services addressing the specific needs facing entrepreneurs.”
 Products and service offering need to be adapted to meet client and market demands, such as the new pension freedoms and the increased demand for digital solutions. Provide a holistic service which allows clients to grow with your firm, he urges.
 Underinvesting in ‘human capital’ to harvest profits can be detrimental for future success, he warns. “Attracting new talent is vital to unlock new market opportunities; firms should develop effective recruitment and retention strategies, for example offering flexible working arrangements and professional development through coaching programmes.”
Ileana Sodani, Chief Relationship Officer, Pershing Limited says: “New opportunities for growth are continuously emerging in the wealth management sector and firms need to plan carefully to ensure that they are making the most of this. Advisers need to anticipate their clients’ demands and adapt accordingly to ensure their service offering meets expectations at all times. This is more important than ever as new business models enter the market and competition increases. Delivering outstanding service will retain clients, encourage other family members to use your services, and generate referrals to support new business relationships. Client retention and attracting new clients need to be balanced carefully to ensure profitability and long term success.”

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