Page 10 - Investment Advisor June 2022
P. 10


                                                     By Janet Levaux

                 Bad News, Good News

                            We’re pleased to             he world economy is struggling with supply-chain woes, rising prices,
                                                         interest rate hikes and a number of other challenges, as Russia’s war in
                    announce the finalists         TUkraine and the coronavirus pandemic continue. As a result, the Dow Jones
                         and winners of the        Industrial Average has fallen 10% this year as of mid-May, while the S&P 500 has

                      2022 Asset Manager           dipped about 14.5%.
                                                     Meanwhile, the business of financial advice is adjusting to a series of big changes,
                   Award program, which            such as meeting investors’ demands for more personalized service and financial
                      we present each year         planning via technology. According to Michael Durbin, head of Fidelity Institutional,
                                                   “We have to embrace … digital engagement practices and the good news is the capa-
                     with Envesetnet. The          bility increasingly is there. We see it in our consumer life outside of financial services

                       performance of this         every single day.”
                                                     At the same time, Ken Cella, principal of branch development at Edward Jones,
                     group is outstanding,         says his firm is “committed to being human-first.” He explains: “We think there’s a
                      and detailed profiles        really important role for technology to play, especially with that next-gen investor,” he
                                                   said. “But what we know through research is that people value what an advisor does.”
                         of the winners will         How advisors and the industry can best combine the digital tools and human side

                        be presented in our        of the business are highlighted in this month’s cover story, “A New Age of Advice.”
                                                   Weighing in on this topic, former Charles Schwab executive Rob Farmer, now with
                                   July issue.     The Rudin Group, suggests the industry do more to help “younger people understand
                                                   the [necessity] to start planning sooner. … But that’s not an easy message to deliver
                                                   to a young person who has other financial needs and may have a smaller income.”
                                                     To better serve clients of all ages, firms “need to expand their capacity, either
                                                   through hiring more advisors or building a more efficient business,” explains col-
                                                   umnist and consultant Angie Herbers. But in doing so, they face a tough dilemma:
                                                   “How  do you  unlock  time  for more business management  without increasing
                                                   employee management?”
                                                     Herbers admits, “There’s no shortcut to fixing this problem.” But her look at tack-
                                                   ling this situation (“How to Expand Capacity Without Adding Employees’’) zooms
                                                   in on changing “the ethos of the organization to a decentralized one,” which requires
                                                   serious commitment but also promises a big payoff.
                                                     Also this month, we’re pleased to announce the finalists and winners of the 2022
                                                   Asset Manager Award program, which we present each year with Envesetnet. The
                                                   performance of the group is outstanding, and detailed profiles of the winners will be
                                                   presented in our July issue. Until then, we wish you a pleasant start to the summer.

                                                                                             GROUP EDITOR-IN-CHIEF

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