AUM Acquisitions will lead to 20% of Advisors Controlling 80% of AUM
But Your Service Levels Should be “Un-Freaking-Believable” first.
Without a doubt the Wealth Management industry is in a crisis, there’s an undercurrent of a talent shortage and across the industry there’s simply not enough great talent coming into the industry.
While some may argue that “Good” Advisors will always be a small group because of the antiquated system of compensation and a culture of incentivizing the “ABC” (always be closing) mentality of the industry.
There’s evidence of a consolidation of AUM that’s creating larger Advisory practices than we seen historically. A small group of elite Advisors are exploiting this opportunity at a fast pace, including Advisors on large platforms and even more notable in the RIA segment.
It’s evident that a small group of Advisors see an opportunity that is lost on the majority of the industry, a closer look at their practice also reveals that they often operate their business in a very distinct manner as well. Their service model is less about the “ABC” and more weighted around client experience and sat…