Robo advisory programs currently have $16 billion in assets but that’s expected to skyrocket to $255 billion by 2019.
Should advisors ignore the Robo Advisor programs like they did with the no-help/no-load companies or shall they take a stance, be proactive and find more ways to retain the clients and assets they’ve worked so diligently for?
Many top-producers have created a way to partner with the robo advisor programs to provide another level of service to their lower tier of clients. The advisor has many options but they should have a clear understanding of the robo advisory programs.
This could be another tool to help their clients and themselves. Who is the Robo target market? What are the fees? What are their strengths and drawbacks? How many companies are involved in robo advising? What should advisors learn so they can speak intelligently to their clients about it?
Your advisors will walk away knowing:
- Who does Robo advising appeal to and why?
- What are the strengths and weaknesses of these programs?
- What major firms are embracing these programs for their advisors?
- What do you have to gain or lose?
- What is the underserved “forgotten middle?”
- Battle it or embrace it. It’s your choice.
An estimated $41 trillion will pass from one party to another over the course of the next 30 years.
The good news for financial services professionals is that many recipients will seek advice on how to grow and share their wealth with their loved ones. Unfortunately, over time many of these wealth transfers are not successful due to disharmony among family members, depletion of resources (due to treatment of addiction, divorce costs, foolish investments and derailed lives for example.)
Advisors can help with this transition IF they’ve established trust with most the family members as opposed to only their clients. If not, it is quite common (more than 92%) that family members fire their parents’ advisor upon an inheritance after a death of their parents. There are many actions that advisors can take now to help their clients’ families with a more successful transfer of that wealth.
This presentation covers numerous conversation topics and actions the trusted advisor can share to help preserve that wealth and help generations to come.
Sample Content:
- Here’s the good news for your clients’ children
- New wealth arrives with many challenges for recipients and you the advisor
- What you can do now to help this wealth-transfer go more smoothly
- Expert resources to help you beyond your comfort zone
- Know the BIG difference in the minds of Boomers vs Millennials and Gen X
- Don’t be one of the 92% of advisors that get fired by the “kids” of their clients
The Affluent Millennials have arrived and they are NOT like your Baby Boomer or Affluent GenX clients.
Are You Prepared for the next generation?
Financial service providers face dramatic and historic changes over the next 20 years. An epic transfer of more than $59 trillion dollars in wealth to the 15.5 million Affluent Millennials will give them exceptional power as they reshape the future of the financial industry, business models and marketing strategies.
The firms that meet them within the Affluent Millennials social networks, their style of communication and approach will thrive, while other providers will likely fail miserably.
There are numerous differences between the Affluent Millennials, Millennials, the GenXers and Baby Boomers. Making the mistake of marketing to them like the other two generations will be like entering a Ferrari automobile race with a mini-van. Good luck!
This could be the next Great Generation and they are ready! The financial advisors that want a piece of this $59 trillion better be ready also.
AFFLUENT MILLENNIALS (AMs):
- There are 5 primary factors AMs look for in financial service providers. Knowing these will help you succeed greatly
- They are progressive and have an optimistic outlook for their future. Their levels of trust and confidence are unparalleled
- There are 77 million millennials but only 15.5 million Affluent Millennials
- They are control freaks and want to conduct research within social media before they make important financial decisions
- Social-centric and open-minded to non-traditional investments
- 72% believe that the sacrifices they make now will pay off ahead
- 3x more likely than GenXers to establish a charitable foundation
- They save a median 24% of each paycheck vs. 18% for GenXers
- They want complete control over their final financial decisions but 87% value guidance and support from financial advisors
- One-third of AMs don’t have a retirement account yet
- Affluent Millennials are especially active on LinkedIn in these particular areas
Neil Wood is a motivational and inspirational speaker who speaks from his heart.
He grew up very poor, spent time in multiple foster homes and survived on welfare for many years as a young boy. Life at home was very challenging during his teen years, so Neil started reading books by Napoleon Hill, Norman Vincent Peale, Dale Carnegie and other motivational and inspirational speakers. These books helped him think more positively and have hope about his future.
He started working at 13 years old to help support his mother and siblings while his father was stationed overseas with the U.S. Navy Seals. When his father returned home and was able to support his family, Neil decided to leave home at 16. A friend’s family took him in as their foster son. That’s when Neil’s world changed dramatically for the better. He was finally surrounded with an environment filled with encouragement, love and happiness.
That environment set the stage for the next 43 years of success, passion and numerous accomplishments. That experience taught him how important it is to encourage, to think and act positively, to share kindness and to pursue your goals with passion.
Neil’s mission in life is to help others build confidence, set goals, discover where their passion is and to have more fun in life. He has spoken to more than 25,000 people over the years and is repeatedly rated at the top of the charts.
Highlights
- US Air Force, Communications and Top Secret Clearance
- US Olympic Trials marathon runner
- 2-time marathon winner and New Hampshire Record holder at 2:17
- Ironman finisher (visualization and attitude helps with this event )
- Author of 2 Best Selling books on Amazon in 2014
