As technology grows ever more complex and capable, a new world of options is appearing for end investors when it comes to choosing how to manage their investments. With the advent of robo-advisors (automated investment services), new lower-cost self-managed investment accounts and other software-service based options, human advisors are being challenged to prove their value in new ways.
Given this environment, advisors need to find ways to differentiate themselves while making sure to manage their own business successfully. Being able to add value to an investor’s desired outcome needs to be balanced against the needs of managing a practice across different types of investors.
These challenges can be quite serious, and while being a financial advisor may not require that you run faster than a speeding bullet, there is often demand for superhuman-like feats. In today’s fast moving environment, advisors must be able to address real-life challenges—such as how to:
- Manage that panicked client who wants to “buy high and sell low”
- Prove the value of human advice versus a robo-advisor
- Set expectations with a demanding client who carries unrealistic expectations.
Given these challenges, many may want to find a way to gather some practical tips on running an advisory business.
Gameplay to help tackle real-life challenges of advisors
To help advisors in today’s complex world of investment advice and decision-making, Russell Investments has offered up a digital game experience for advisors. This interactive quiz allows advisors to navigate real-life investment and practice challenges and select a preferred course of action. Advisors are classified into one of five categories, based on their responses, to light-heartedly answer: What kind of advisor are you?
The path takes the advisor through a non-scientific analysis of their decision-making style, including “superpowers”, opportunities and risks. Then there is additional insight and resources provided on how to potentially tackle the opportunities and challenges that were identified in the quiz for advisors.
A look in the mirror
Russell Investments is committed to helping advisors and helping showcase the advisor difference. An integral step is to help advisors identify strengths and weaknesses in an effort to make more higher-quality investment and business decisions. So, take our interactive quiz to learn more about yourself while gaining insight on how to deepen relationships with clients and structure your business for success.
Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.
Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.
The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional. The information, analysis and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for any individual entity.
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