APRIL 17-19, 2024 | CHARLOTTE, NC

Thank you for a terrific Roundtable!


  1. Volume Over Volume. Firms set business priorities based on either their loudest users, or users generating tha largest volume. Choose the latter! Most advisors are asking WTF? Where is the Focus!? They have many requests / things to focus on but must find ways to decide what is most impactful for their practice to drive revenue and grow AUM including Identifying clients that are growing or no.
  2. Data is Gold. Treat it as such Advisors must ask clients for their data as frugally as possible. To ensure the data is “accurate” Incorporating data hygiene into regular processes and more than as an annual event is necessary. Avoiding use of publicly gathered information in CRMs ensures data is always clean / provided by clients directly.Wealth Firms are now linking their enterprise systems so collecting once and using many times is impacting all reporting, customization, and machine learning/AI initiatives.
  3. There is no “IDEAL” client experience. Clients’ needs have not changed, but technologies and communication delivery methods have and continue to evolve. Quarterly meetings are outdated. Client’s want their experience their way and customized for them. Websites, mobile offerings, meeting experiences and marketing need to be persona sensitive / defined. Wealth firms are building / buying profitability tools to help advisors not only grow revenue but their advisor base too.
  4. Advisors are not Analysts. Advisors are looking for assistance and support on curating their day-to-day required tasks / functions. Providing a customized and prioritized daily to do list, when they sign on in the morning helps start the day off on the right foot. Machine Learning / AI offer significant opportunities to reduce the tendency to focus on the familiar. Tasks are quantifiable/measured by revenue and urgency, opening a new household relationship account, a single financial plan, an RMD, etc. and present to the advisor for execution. Align compensation plans to drive firm desired results not activities.
  5. Financial Literacy is Key to a Successful Financial Future. Wealth Firms and Advisors all agree the industry is underserving all ages. Does the responsibility of educating the youth start at home or at school? Most think it is the responsibility of both parties. Wealth Firms and Advisors are establishing curriculums / programs targeted programs, clients can share with their children. Learn from social media, including gamification and successful sports gambling sites like FanDuel to tailor the experience to ways that users interact today.
  6. Is Technology a Competitive Advantage or Table Stakes? While the technology itself is important the major differentiation is the efficiency it creates for the firm / advisors / clients. Technology needs to keep the firm / advisor ahead of their clients and add value. Sales assistants buy-in on the value of the tool is critical. In the end,Clients want their experience their way, all digital, all paper or a mix. Websites, mobile and meeting experiences should be persona sensitive / defined. Interactions dictated by the client.”
  7. Technology Playbooks Need to Include Plays. Having a documented technology roadmap is important but how are you going to implement it, and course correct when obstacles appear. A “board of directors” can help but when is the right time to act? Score cards, metrics, KPIs, and adoption statistics are great indicators. But the real measure is did they drive revenue, AUM, wallet share, advisor recruiting and client sentiment. Focus groups can assist in learning more about the numbers, positive or not and reasons, functionality, and training.
  8. Sharing is Caring. We are all in this together. No one has the silver bullet. Same challenges but different approaches and solution sets. Opportunities to share and learn in open and honest forums help all to be better and deliver quality products and services.
  9. Pricing & Vendor Success Trends Wealth Firms are struggling with vendor pricing models and need a process and evaluation playbook to better measure their success. Firms need to see value-derived with tools as compared to usage KPIs. Vendor management tools provide systematic ways to document requirements and vendor alignment to meet regulatory requirements. To better manage vendor due diligence and relationships firm should consider partnering with consultants. Consultants bring outside perspective, and specialized resources to define solutions, and facilitate evaluations. Engaging advisors and focus-groups earlier in the process can be helpful.

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