Financial Advisors are Breaking the Mold Through 5 Ways

According to the US Bureau of labor statistics, Conditions in the personal financial planner market in June 2021 amounted to a median annual salary of $94,170. The median living wage is by which half the workers in a certain occupation earned at least this much, and half earned less. The lowest 10 percent earned less than $48,500, and the highest rate earned more than $208,000.

The financial services industry is bad for its conservatism. The industry has been slow to adopt emerging technologies and new ideas, largely because of the nine-to-five workday and the need to plan for long-term investment. But as more investors demand access to a wide range of investment opportunities, advisors are beginning to break free from traditional thinking and embrace change. 

Additionally, Financial professionals aren’t afraid of risk. They are eager to diversify their portfolios by investing in new asset classes like cryptocurrencies that they believe have a chance of becoming mainstream assets in the future. 

Here are five things financial advisor Eau Claire, WI does that other money managers aren’t.

Invest in new technology

The biggest innovation in the past few years is Robo-advisors. These computerized advisors have made a huge impact on the industry. They allow investors to manage their portfolios with minimal human interaction and often offer investment information humans can’t find anywhere else. 

Robo-advisors are just one part of an emerging new class of financial technology (fintech) firms disrupting the industry. The revolution in fintech has given rise to new products and platforms that make it easier for investors to invest in high-risk/reward opportunities, such as cryptocurrencies. 

Financial professionals accept these changes because they believe they will provide greater success opportunities. As long as customers are comfortable with the risks, advisors are willing to take a chance on these new investments.

Diversify your portfolio

Advisors are taking a page from the stock market. Stocks have done well over the last few years because they’ve become less correlated. As advisors build portfolios that include more and fewer types of assets, their performance has been better than traditional investment managers. 

Embrace risk

One risk advisor is willing to take investing in cryptocurrencies. Cryptocurrencies are still new, and there’s no telling what their future holds. However, advisors believe that cryptocurrencies can be a way for investors to hedge against the volatility of traditional assets.

Don’t be afraid to change your mind.

The industry is most conservative when it comes to risk. And as a result, financial professionals are slow to change their minds about what investments are best for them because they need to plan for long-term growth. But financial advisors have a responsibility to their clients and must understand that sometimes the market changes quickly. 

Advisors don’t have to be afraid of changing their minds if they believe the risk is worth it. Advisors who change their minds about which investments work for them can always walk away from those investments without repercussions, so there’s no downside to doing something new.

Learn from the past

A financial advisor Eau Claire, WI is taking advantage of the advancements in the industry by embracing a more modern approach to their work. By learning from what other professionals have done, they are finding new ways to serve their clients in innovative and meaningful ways. 

Advisors do this by focusing on the asset allocation process and creating and implementing a plan for their clients that address investment needs, risk tolerance, and individual goals. In addition, they set up an automated process for Wealth Management portfolios so that investors can invest with ease and peace of mind.

Bottom line

Advisors are embracing the digital-first approach that is becoming the norm in the industry. Using advanced technologies like machine learning and artificial intelligence, advisors are breaking with traditional methods and investing in alternative investments and digital assets. They’re also looking for ways to educate and engage their clients.

Technology is getting used more and more to help advisors manage their clients’ portfolios and provide advice. For example, many advisors use software to track a client’s net worth and asset allocations and recommend changes to their portfolio. It helps advisors stay on top of their client’s financial situations and ensure they always make the best recommendations possible.

Another way financial advisor Eau Claire, WI breaks the mold is by focusing on holistic financial planning. As a result, they take a more reliable approach to helping their clients meet their financial goals. Rather than just providing investment advice, advisors now often help with budgeting, retirement planning, estate planning, and more.

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