Fee-based advisory relationships grew from $150 billion to $260 billion over the past decade, and client demand for holistic advice jumped 80 percent in five years. Today, nearly four out of five affluent households will pay premium fees for human advice over digital alternatives.
But new client acquisition has plummeted to historically low levels, with some estimates as low as 2 percent annually.
What’s the disconnect?
It’s not a lack of opportunity; the demand clearly exists. The problem is the operational complexity that’s choking capacity and strangling advisor growth.
The Reg BI Reality Check
Reg BI transformed our industry overnight, transforming what used to be simple recommendations into complex workflows requiring extensive analysis across multiple product types and carriers. And as experienced employees who understood these workflows retire, replacements struggle to master the intricacies.
Meanwhile, you’re drowning in processing while opportunities slip away.
The Solution: Supported Independence
According to McKinsey research, the industry faces a shortage of 90,000 to 110,000 advisors by 2034, and firms will have to increase productivity by 10 to 20 percent just to meet demand.
But you can’t achieve that productivity by hiring and training from scratch. The expertise requirements are too specialized.
Real independence means being able to focus on what matters most because you’ve got the support you need from every angle: operational specialists who understand your business complexity, technology that integrates seamlessly instead of creating bottlenecks, and the freedom to grow without drowning in administrative tasks.
Want to learn more about supported independence? Read Billy Hopkins’ full article here.
