Penny Phillips, Dave Welling, Jason Wenk: How to Serve More Clients, Better

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While financial advisors face serious business challenges, these tough issues also serve as opportunities for them to reshape their firms and the industry, according to several RIA leaders who spoke Monday during a panel discussion at the Future Proof conference in Huntington Beach, California. 

For instance, “Consumers are being forced to choose between lower cost and highest value in wealth management — as is the case in other industries, such as travel, with its concierge services and cheap ticket outlets,” explained Penny Phillips, president and co-founder of Journey Strategic Wealth. “Advisors who want to differentiate themselves … can do so by showing their highest value.”

For example, if an advisor team is serving a good number of business-owner clients, it could bring in a practice management expert to offer them some critical insights, said Phillips. “Think above and beyond what we typically think of as wealth management.” 

In other words, push the envelope. 

“Are we evolving and adapting fast enough as an industry, as a profession and as a firm?” asked Mercer Advisors CEO Dave Welling. “No one wants to be a BlackBerry.”

Here are some ways advisors should focus their practice to ensure future success, according to Phillips, Welling and Altruist CEO Jason Wenk. 

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