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Growth in Alignment: Redefining Your Economic Model
Clients are placing more emphasis on how advisors help to achieve their life goals in addition to helping with asset allocation or investments. As a result, today's wealth management firms are adopting new approaches to client service to remain competitive. Our advice value stack (shown below) illustrates the value that wealth management firms can deliver for clients. As the value that's provided to clients change, your firm should consider following suit.
Discover Three New Growth Engines
If you're getting a majority of your revenue from helping clients achieve peace of mind, you should consider investing back into that specific value driver, aligning your sources of revenue with the uses of revenue... or where you invest. Here's a framework for how you may think about that alignment with these new growth engines:
For illustrative purposes only.
Focus on These Three New Growth Engines
The Case for Change in the Wealth Management Industry
Mike Durbin sheds light on how investor perceptions of value are changing, and how firms can realign their resources to help win and retain business.
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