Three roles for successful advisors

There will be three distinct roles for successful advisors in the next three to five years, writes David Fox, principal of Advice Centre Consulting. He describes those roles in an article for Australian newspaper Money Management.

The principal advisor, according to Fox, is the most senior advisor, and is accountable for converting potential clients into clients.

“While the principal advisers may have an advice specialty bias, they will mostly be advice generalists,” Fox writes. They will work with the senior advisor and associate advisor to determine what the client needs. Lead generation and marketing will be delegated to another employee.

The senior advisor manages client relationships. Senior advisors will be responsible for communicating with clients and conducting progress reviews, and will coordinate with other specialists as needed.