The Future of

Financial Advisors
~JAKE SHEWBERT~

Job Overview

Provide clients with advise on financial matters

Help plan a safe, comfortable future for their clients

Make sense of fiscal troubles and create a plan for

moving forward

Research market place and advise clients on products

and services available

May specialize in particular products

Job Outlook

One of the fastest growing industries

Expected to grow at a rate of 27% through 2022

Adding 60,000+ jobs to the already

220,000+ jobs in the field

Median annual salary was

$64,750 in 2010

Changing Business Environment

A need to provide more customized and

comprehensive services to meet individual and small
group needs

Including retirees, mobile professionals and the middle

market

Future FAs will need to spend more time educating the

middle class

Advisors may need to switch to fee-based

compensation

The Advisor of the Future

1.

Connected Entrepreneurs- Team of professionals

providing value for demanding clients

2.

Middle Market Mavens- expanding client base

3.

Consumer-centric advisor- capitalizing on niche

relationships

4.

Shared-value business- growing and changing with

communities through relationships

Growing Diversity

Future Advisors will need to develop skills to serve

growing diverse niche markets

These include second generation immigrants, social

mobile women, baby boomers exiting the workplace,
and millennials

Advisors should look for ways to share knowledge and

skills with younger and older generations

This will allow them to create a professional network

of colleagues as a guide to understanding the needs
of different generations

Technology

Successful advisors will combine excellent

communication skills with the right technologies to
stay connected with their clients

They will process sophisticated modeling and

simulation software to dynamically price and reduce
risk

Connect with clients via social media

Improve technology skills to be able to rech clients in
real and vitual situations

Privacy and Security

Future advisors will need to become increasingly

networked and will have access to a wide variety of
personal data

Advisors will be expected to ensure that client and

corporate data are used appropriately

Will also need to protect this data from thing such as

cybercrime and identity theft

Communicate regularly with technical departments

about securing mission-critical systems also will be
key

New Market Risks

Find solutions that address the new risks of modern

families

Including single parent families, unmarried couples,

same-se marriage and families formed by divorce
marriage

Can do this by assembling quality statistics and

market information on alternative families

Build the brand around trust and service and exploring

social media for networking opportunities to younger
clients

Tools and Insight

Will be more skilled in working with big data and

translating it into practical and turning that into
practical information they can use for their practices

They will also need to have better tools for gathering

market intelligence and analyzing data

They should understand how modeling and simulation

software can add value by helping their clients
envision different possibilities