AK Advisory Partners is a consultancy to the financial services industry,
providing advice and training to firms and individuals operating in the fee-based,
investment management and wealth management areas.

Our ability to add value to your business rests on three core competencies:

* Knowledge & Experience

* Independence & Objectivity

* Client-Focused Solutions


Unlocking Real Value Newsletter - April 2017

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  Andy Klausner is a contributor to Forbes' Advisor Network.
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P3 - Adam

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Are you and your business adapting to the trends we are seeing in the demographic make-up of investors? I know, it's kind of a loaded question. But the reality is that the world is changing, as is the pool of potential clients. Advisors must keep up with these trends or be left behind.

Let's start with the baby boomers. More are retiring, and those that aren't are still closer to their withdrawal years than their accumulation ones. Have you accounted for how you are going to make up for the eventual (if not current) loss of this revenue stream?

Have you done a good job of getting to know the families of your clients and grooming the next generation as a new revenue source? When is the last time that you asked them for referrals if they were happy with your services?

And speaking of the younger generations, what about the milennials? Have you addressed the growth of Rob-Advisors and how you are going to keep building a business with a generation of tech-savy investors that like to do it themselves? (See the link to our article on the topic below.)

Rather than view Robos as competition, we feel that you should focus on how you can incorporate them into your business. It may not have the biggest revenue potential, but sometimes it's easier to join with them than to fight them. Consider Robos a bridge to younger and new investors until they have sufficient assets to take advantage of your full range of services.

And speaking of your full range of services, are you doing all that you can to maintain the core of your business - those in age between the two groups we have already discussed? Are your services competitive? Is your pricing competitive? Are you doing enough to keep these clients from looking elsewhere? Do you even know what the competition is doing?

I know, it's a lot to think about. But the world is not static, and your business can't be either. Give us a call to discuss your concerns and to see how we can help you keep your business current with the demographic trends. 
Is Your Business Growing?
Are you happy with the way that your business is growing? If your answer is no, what can you do about it? The simple answer is to upgrade your marketing efforts.

We can help you by 1) ensuring that you're targeting the prospects that best fit your services and match your competitive advantages; and 2) by helping you develop a marketing plan, marketing calendar and tracking system to keep you on target.

Even though it's April, it's never too late, or the wrong time, to begin an active marketing plan. The sooner you do, the sooner your business will begin to grow. 

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