Content: One Strategy to Truly Connect with Clients AND Prospects
A thoughtful content marketing strategy will lead to deeper client engagement through demonstrated leadership and can be used to truly connect with clients.
This week Merrill Lynch made a very significant announcement. With a swift kick, they are abandoning the aggressive recruiting behavior that has dominated their growth strategy – and the market – for most of the past two decades. The implications of this shift may be felt across the industry for many years.
Merrill won’t be the only wealth management firm to adopt this posture. The pressures on advisors and firms have been building for many years and have increased in magnitude in the past 18 months:
All of these issues are contributing substantial pressure on revenues – especially as they relate to the traditional investment management focused value proposition.
Similarly, these issues contribute to substantially deteriorating confidence in the likely financial returns on the acquisition ‘deals’. This is not a recipe for strong, long run financial performance. Couple this with the well-known and ongoing struggle to create and cultivate the right brand and culture with a collection of free agents and this moment was likely inevitable.
Where do wealth firms find the growth that drives profitability?
Merrill signals that the answer is two-fold. First, they expect to redouble efforts to build from within, only now they will take new and different approaches to find and cultivate performers. After years of struggles to build a sustainable manufacturing system for financial advisors, Merrill feels they now have the right formula.
But, perhaps more importantly, Merrill will focus on existing advisors and seek to build scale and higher performance into every existing Merrill advisor. New approaches to compensation, new tools and a new philosophy of support are all expected to yield better performance in every advisor seat in the firm.
We have done a lot of thinking at Xtiva about building sales performance in financial institutions. It’s not easy, but with the right combination of performance management technology and tools, sales enablement intelligence that can drive revenue, and a well-designed and strategic incentive compensation program, the destination is achievable.
Part 2 in our series examining the implications of the US Department of Labor’s ‘Fiduciary Rule’. The ‘DOL’ is a game changer. Like most, we believe that the DOL Rule will be among the most material factors to impact the industry in the past 3 decades. Advisor conduct, customer interaction, pricing, compensation, supervision, technology… all […]
NEW YORK, NY. December 5, 2016 – Xtiva Financial Systems has launched a wholesale makeover of its corporate brand, unveiling a new logo, website and brand positioning. Xtiva’s new brand image reflects the company’s new mission. “This re-imaging of our brand identity signals a major shift in the direction of our company,” said Thomas Moysak, […]
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CIOReview has named Xtiva Financial Systems as one of its 20 Most Promising Companies in Financial Services in 2016. The annual list, compiled by a panel of experts and CIOReview’s editorial board, is intended to recognize those companies at the leading edge of innovation in financial technology. Xtiva’s new Product Suite – Full Stack Sales […]
Technology platforms are increasingly important in determining which financial services companies will survive and thrive in the digital age – and which ones won’t. Financial technology must meet a growing list of requirements in order to succeed – it must be robust and resilient, flexible in managing complex products and business processes, secure and compliant, and scalable in its capacity to integrate ever-growing unstructured data sets.
At Xtiva, we are strong believers in the power of the cloud-based computing to dramatically improve complex technology and system architectures in the financial services industry. Find out more about XtivaCloud, Xtiva’s next generation software platform. Reactive System Development is an exciting approach to building cloud-based systems that are flexible, loosely-coupled, secure and scalable, making […]
The Pursuit of Absolute Engagement, the recently published book by influential wealth industry veteran, Julie Littlechild, offers a unique roadmap for advisors who want to take their business from good to great. A major transformation is underway in the financial services industry. Innovative technology is disrupting business models and changing the tools and strategies needed […]
The DOL Fiduciary Rule means big change. Despite years of consultation, and now fully six months after the announcement of the DOL Rule, we are still figuring out the magnitude of that change. What we absolutely know to be true, is that the ground zero for these changes, will be advisors and their practices. One […]
Understanding millennials and the distinctive qualities they bring to the workplace is essential for the long-term success of your business. Financial talent consultant Kelli Cruz recommends focusing on five key workplace areas as you seek to engage and motivate your growing millennial team.