The Enduring Advisory Firm How to Serve Your Clients More Effectively and Operate More Efficiently

The Enduring Advisory Firm is a book for the forward-thinking financial advisor. Financial advisement is traditionally a hands-on field, so few in the industry feel threatened by the shifting social and technological landscape. In this book, Mark Tibergien—routinely named one of the most influential people in the financial services world—and Kim Dellarocca make a compelling case for taking a closer look at technology and other big-deal industry trends in order to move the business of financial advice into the next stage of its evolution.

Combining a facts-based approach with case studies and examples from the field, The Enduring Advisory Firm will ignite your imagination by demonstrating practical strategies for attracting clients and streamlining operations. Today's smart practice managers are focusing on emerging topics like the needs and expectations of the Millennial generation, mobile and interactive technologies, and growth planning. Responding thoughtfully to these trends, with the help of this book, could propel your financial advising business toward a more successful future.

• In-depth discussion of trends and forces that you can harness to reshape your financial advisement business
• Case studies and examples showing how to navigate the most difficult business decisions
• Innovative ideas for process improvement, more fruitful client interactions, and sustainable growth
• Tips and insight for attracting Millennial clients and talent by leveraging new technologies

The Enduring Advisory Firm will inspire financial advisors, managers, and executives to branch out in ways that will lead to measurable growth. With a newfound focus on the evolution of your business, you might be surprised at where change takes you. In addition to providing RIAs with guidelines to help them succeed, all of the proceeds from this book will support the CFP Board Center for Financial Planning, a national initiative to create a more diverse and financial planning profession so that every American has access to competent and ethical financial planning advice.  The Center brings together CFP® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. Learn more at www.CenterforFinancialPlanning.org.

MARK C. TIBERGIEN is CEO of Pershing Advisor Solutions, a BNY Mellon company. 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 G. DELLAROCCA is managing director, 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.

Preface xi

PART I: THE STATE OF THE ADVISORY BUSINESS

CHAPTER 1 Key Business Trends 3

CHAPTER 2 What Business Are You In? 15

PART II: THE ROLE OF DEMOGRAPHICS AND THE ABILITY TO GROW

CHAPTER 3 A New Paradigm for Relating and Growing Relationships 31

CHAPTER 4 The Mature Client 41

CHAPTER 5 The Baby Boomers 55

CHAPTER 6 The Generation X Client 69

CHAPTER 7 Millennials 83

CHAPTER 8 Generation Z and Beyond 93

CHAPTER 9 Investing Women 99

PART III: BRINGING CHANGE TO YOUR PRACTICE

CHAPTER 10 Transforming from Practice to Business 119

CHAPTER 11 Culture Wars 135

CHAPTER 12 A Vision and Leader for the Future 153

Index 173

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