It's time to reinvent your financial advisory business

BEING a financial adviser or private wealth manager today is challenging. A Forbes article noted that the top three challenges for financial advisers are firstly, maintaining your own operations, secondly, finding a unique value proposition and thirdly, increasing revenue and profits.

Add to these challenges the pressures from new entrants, regulatory and compliance requirements and an increasing demand from wealth management clients for more personalised services and quality advice, there is a real - and ever more urgent - need in the market for financial advisers to reinvent themselves and their business model to stay relevant and future-proof.

Fighting an uphill battle

Financial advisers and private wealth managers today face an increasingly challenging external operating environment. A combination of margin pressure, rising costs and process inefficiency is challenging the business models of financial advisers and pr…