Financial advisors are asked to wear a lot of hats. A lot. There’s investment management (portfolio construction, research, trading and rebalancing, due diligence, monitoring), there’s practice management (compliance, HR, back-office operations, IT), and there’s client management (client meetings, prospecting, financial planning and reporting, client service issues).
And if that wasn’t enough, they now have to explain whipsawing markets to nervous clients while dodging the threat of COVID.
But as the advice industry continues to evolve into more of a relationship industry, and with more and more advisors coming to the realization that they are, in fact, only one person, many are now trying desperately to carve out more time for what they see as their #1 revenue-generator—client building.
As such, the time-consuming and complicated minutiae that comes with investment management is being viewed more commonly as a part of the business that can be handled elsewhere, with the hopes of opening up more time for advisors to nurture valuable client relationships.