Five Industry Trends Reshaping Financial Advice
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1 1 Reshaping Financial Advice FPA San Antonio Michael E. Kitces MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL Partner. Director of Research, Pinnacle Advisory Group Publisher. The Kitces Report, Blogger. Nerd s Eye View, Handouts/Additional Materials at: kitces.com/fpasanan18 The Luddites
2 2 Cotton Production Before & After Technology The Great Convergence Crisis Of Differentiation The Search For New MODELS The Client Experience
3 3 Financial Advisor of the 1970s/80s: STOCKBROKER! Source: A Century of Stock Market Liquidity & Trading Costs by Charles Jones
4 4 Financial Advisor of the 1990s MUTUAL FUNDS! The online Mutual Fund Supermarket!
5 5 Financial Advisor of the 2000s ASSET ALLOCATION! Source: Moss Adams & Investment News Industry Benchmarking Surveys But now technology is commoditizing it again!
6 6 Technology & Financial Advice What Is The Value You ll Add On Top? Exploring Goals Financial Planning Behavior Change Trading Trading Rebalancing Rebalancing Tax Loss Harvesting Tax Loss Harvesting Facilitating Saving Facilitating Saving Technology The Great Convergence Crisis Of Differentiation The Search For New MODELS The Client Experience
7 7 Once upon a time, commissions were for products, and fees were for advice Our regulations aren t built for all this advice!
8 8 The Great Convergence is triggering regulation Regulatory change is not a cause, it s an effect! of the Great Convergence! The Fiduciary is a global phenomenon and the trend is towards less conflicted compensation But when we all converge towards the same business model, guided by the same regulation
9 9 Technology The Great Convergence Crisis Of Differentiation The Search For New MODELS The Client Experience The emerging Crisis of Differentiation Source: FPA's Research & Practice Institute. "Defining and Communicating Your Value 2016: Trends in Practice Management Whitepaper"
10 10 We re all going after the same (few) clients But there just aren t many baby boomer delegators with money! Source: Spectrem Group, Market Insights Report 2016
11 11 But not everyone is a delegator! Source: Forrester Research How many baby boomer delegators are there? If 1/3 rd of households are delegators
12 12 Technology The Great Convergence Crisis Of Differentiation The Search For New MODELS The Client Experience The search for new business models Pays 1% of Income Hourly Fee Monthly Subscription Fee Annual Retainer Fee Net Worth + Income Fee Net Worth Retainer Fee Cannot Afford Financial Advice
13 13 Technology The Great Convergence Crisis Of Differentiation The Search For New MODELS The Client Experience The Experience Economy
14 14 The Financial Planning Experience The Catalyst: Generational Change (Digital Natives)
15 15 Science Advances One Funeral At A Time Financial Planning Business Models Advance One Retirement At A Time Younger generations are digital natives: Information is free Wisdom is valuable Source: Cerulli Associates Source: Scottrade 2017 Retirement Study
16 16 Digital natives want solutions to problems How To Survive (And Thrive)
17 17 Technology is no longer a choice, it s a necessity And an opportunity! Source: Fidelity 2015 Advisor Insights Study What technology can you adopt/add?
18 18 The future is fiduciary. It s global. Embrace it. And it s more valuable anyway! Real differentiation isn t just financial planning. What are you the best at? Image Source: wsj.com
19 19 Finding your niche/specialization Post CFP Specialization Niches What s YOUR business model in the future? Pays 1% of Income Hourly Fee Monthly Subscription Fee Annual Retainer Fee Net Worth + Income Fee Pays 1% of Assets AUM Fees Net Worth Retainer Fee Cannot Afford Financial Advice Don t change your pricing to compete on price Change who you serve, and price in a relevant way!
20 Are you selling a product, a service, or an experience? Excellent experiences are standardized! Image Source: theodysseyonline.com (right), money.cnn.com (left) The Internet vs. Travel Agents 20
21 21 Questions? Handouts & additional materials:
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