JERSEY CITY, N.J., Dec. 13, 2016 /PRNewswire/ -- In the face of
escalating regulation, increased commoditization, and fewer people
entering the profession, the advisory business is undergoing many
changes. BNY Mellon's Pershing Advisor Solutions chief executive
officer, Mark Tibergien, and BNY
Mellon's global head of segment and technology marketing,
Kim Dellarocca, have co-authored a
new book challenging commonly-held industry assumptions and put
forth a strategy for building an enduring wealth advisory
business.
The Enduring Advisory Firm: How to Serve Your Clients More
Effectively and Operate More Efficiently (Wiley/Bloomberg Press, November
2016) takes a fresh look at the business of financial advice
and arms advisors with insightful ideas to help them take their
firms to the next level of operating excellence. The book provides
a primer on the state of the advisory industry, offers a thorough
overview of the diverse needs across demographic groups that are
driving industry growth, and highlights industry best practices on
how to effectively manage an enduring advisory firm. The book also
guides firm leadership on how to create a vision and approach to
keeping employees engaged and united by a common vision.
"Over the years, we have repeatedly seen advisory firms hit the
same series of walls as they grow their firms, and this has been
exacerbated in a rapidly changing industry," said Tibergien.
"However, these challenges are eminently fixable if advisors ask
the right questions and focus their attention on three critical
areas that are often overlooked: attracting and retaining top
talent, implementing cutting-edge technology that enhances
operational efficiency, and putting into place profitable pricing
structures that ensure the firm remains on solid footing."
Among the key growth topics the book addresses:
- Advisors need to unlearn misconceptions about their
industry. Common assertions about the advisory industry – that
advisors are reducing their fees, that the industry is due to
benefit from a huge generational transfer of wealth – are, in many
cases, wrong and preventing firms from making necessary changes. To
succeed, firms need to shift away from strategies rooted in these
assumptions and recognize the real challenges to overcome,
including margin compression and the industry's tarnished
reputation.
- Advisory firms should broaden their appeal to include
younger generations of investors, including women. While mature
and boomer clients are still drivers of growth, many firms risk
alienating the next generations of clients by failing to meet their
needs. The authors share insights on the needs and expectations of
these groups to help firms shift their focus to include women and
important demographic groups – from Generation X to Generation Z
and beyond.
- Leaders can do more than tackle the day-to-day challenges of
managing a growing advisory firm—they need a vision for the
future. Regardless of where firms are in their growth cycle,
the authors provide prescriptive advice on how leaders can solve
day-to-day challenges from dealing with bullies in the workplace to
growing the business through acquisition. The authors also guide
leaders on how to develop a vision for the future – one that
translates owners' leadership into a firm's guiding
principles.
"There's no doubt that there are mounting pressures facing
financial advisors today, including margin compression, a dearth of
talent, industry consolidation and new regulations," said
Dellarocca. "However, along with tackling these day-to-day
challenges, firm leaders can take a deliberate approach to
embodying and communicating their core values to position
themselves and their firms for lasting success."
In addition to providing RIAs with guidelines to help them
succeed, the authors are also donating all profits from the book to
the CFP Board Center for Financial Planning, whose mission is to
promote diversity in the advisory profession.
The Enduring Advisory Firm is currently available on
Amazon in both Kindle and Hardcover formats, and at local
bookstores nationwide.
About the Authors
Mark Tibergien is CEO and
managing director of BNY Mellon's Pershing Advisor Solutions. A
regular columnist for Investment Advisor magazine, he is the author
of Practice Made Perfect; How to Value, Buy, or Sell a
Financial Advisory Practice; and Practice Made (More)
Perfect.
Kim Dellarocca is Global
Head of Segment Marketing and managing director at BNY Mellon. In
addition to her global marketing leadership role, Kim directs one
of the industry's most expansive thought leadership programs and
has overseen the publishing of more than 125 studies and papers on
the critical topics facing financial services firms today. Kim is
invited to speak internationally and her views have been quoted
more than 100 times in industry and mainstream publications,
including The New York Times,
Bloomberg, The Financial Times, Wall Street Journal, and
USA Today.
About BNY Mellon's Pershing
Pershing and its affiliates provide global financial business
solutions to advisors, asset managers, broker-dealers, family
offices, registered investment advisor firms and wealth managers. A
financial services firm located in 23 offices worldwide, Pershing
provides business-to-business solutions to clients representing 6
million active investor accounts on the U.S. platform. Pershing
affiliates are members of every major U.S. securities exchange, and
its international affiliates are members of the Deutsche Börse,
Australian Stock Exchange, Irish Stock Exchange, London Stock
Exchange and Toronto Stock Exchange. Pershing LLC (member
FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is
available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Sept. 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
Contact:
Paul Patella
+1 201 413 3609
paul.patella@pershing.com
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SOURCE BNY Mellon