“Competition is the challenge of the future for independent advisors, and as there’s more of them, differentiation is critical,” agreed Jon Beatty, senior vice president, sales and relationship management, Schwab Advisor Services.Asset allocation, rebalancing and financial planning isn’t enough, Beatty says. “You’re going to have to provide additional lifestyle-type services.” That might mean helping retired people relocate, or helping parents not just save for college but actually help clients pick colleges for their children.“That’s tough for the scale players,” Beatty said. “Scale players can’t go into those nuanced aspects of individuals’ lives and that’s where outsized differentiation can be captured.”
Source: The Biggest Challenge for RIAs? They All Look Alike
