Pershing, a BNY Mellon company, has called on advisers to reassess their business propositions in order to maximise opportunities in the evolving financial services landscape.
At its annual UK advisory council, Mark Tibergien, chief executive officer and managing director for Pershing Advisor Solutions, said advisory firms needed to make changes in order to continue to grow profitability in an environment of continued regulatory, technological and industry change.
Tibergien highlighted pricing, client base, product/service offering and human capital as four areas that advisers should focus on in order to both attract new clients and retain existing ones, particularly in the face of competition from digital advice services coming to market.
He commented that the value of advice should to be illustrated by making charges clear and competitive for a range of clients across different generations and new market segments. Services should be holistic and focused to meet client and market demands, such as the new pension freedoms and the increased demand for digital solutions.
Recruitment and retention strategies should be adapted to attract talent, for example by offering flexible working arrangements and targeted professional development programmes.
Ileana Sodani, chief relationship officer at Pershing, says: “Advisers need to anticipate their clients’ demands and adapt accordingly to ensure their service offering meets expectations at all times.
“This is more important than ever as new business models enter the market and competition increases … Client retention and attracting new clients need to be balanced carefully to ensure profitability and long term success.”
provides operational, IT, regulatory, and investment support and solutions and its
advisory councils are part of its practice management programme, which provides advice to adviser and wealth management clients to facilitate their business growth.
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