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Pattie Lovett-Reid

Chief Financial Commentator, CTV


There has been a lot of chatter around what clients want from their financial advisors and how that may have been compromised in an industry that values itself on trust.

Money is personal and communication, integrity and financial acumen are just a few of the attributes of a successful relationship, according to the CFA Institute and Scorpio Partnership. While some of the research done tends to focus on wealthy individuals, many who are not want and expect the same thing. I would argue we all want advisors with a balance of EQ (emotional quotient) and IQ.  

Unfortunately, these attributes aren’t always present so we often choose to go it alone due to the cost and over concern advisors are not acting in our best interest.

Given the industry has come under the microscope, there is a great opportunity to create change and rather than telling us what advisors think we want – start listening to what we actually want. Investors have indicated our relationship with our advisor is so much more than simple management of our money. Topics like family enterprise management, philanthropic strategies – as well as – specialized investment topics like real estate and sustainable investing are ways to expand and grow the relationship.

In a perfect world there would be pro-active advice and risk management. This is the ante in the game.

Finally, those who embrace technology and offer up digital offerings will lead the way. Integration of robo-advisors is important as millennials begin to accumulate wealth and want to get their money working for them.

For advisors to be successful in the future given the scrutiny the industry is under, those that appreciate the convergence of digital platforms coupled with sound advice will not only define the future of the successful advisor – they will be the ones that win back the trust of client. Investors deserve better.