Advisors across the wealth management industry are adapting to the evolution in the professional sphere. While some hesitate, others openly embrace change for a better and more innovative future.

Advisor innovations are helping in hiring, retention, and business growth strategies. As an advisor, how can you implement innovative practices that can become a permanent part of your team or firm?

  1. Leveraging Remote Technology

Staying in communication with existing and potential clients lies at the core of the wealth management industry. Efficient advisors schedule regular calls with clients. They don’t dump a series of calls on the clients. Instead, utilize Zoom to record financial planning calls that clients can watch in their own time.

A recent McKinsey & Company article states that “digital adoption has taken a quantum leap at both the organizational and industry levels.” Organizations that fail to invest in digital strategies may soon find themselves behind their competition.

Clients can spend time with the videos and ask any follow-up questions they have. This saves both parties the time lost during meeting scheduling and cancellations.

  1. Attracting the Right Talent

The wealth management industry is facing talent shortages ever since the pandemic. Although companies are seeing some form of recovery, there are still a lot of mission-critical positions that need to be filled.

According to Bain, “talent is the essential bonding agent. When we interviewed 200 founders, CEOs, senior executives and [board members], they told us that lack of talent was by far the most important barrier to business building in their organizations.”

If you can’t attract the right talent, then the performance of your firm will suffer.

  1. Finding Clients Through Social Media

Forbes recently shared a study that said “Americans spent more than an average 1,300 hours on social media last year.”

In almost any industry, people prefer to build their online presence for a brand or individual exposure. This presence helps them get recognized and recruited. Most of your potential clients may be on LinkedIn. Reaching out to them and offering help can be the first step toward building a long-term relationship.

You can get new clients by sharing your expertise with potential clients and proving that you are the right financial help for them.

  1. Make Communication a Top Priority 

Communication is all about delivering advice to your clients that is truly relevant and applicable.

When a client reaches out to you, make sure you are available if you cannot get back to the client right away, set up a meeting so you can meet each other at a time that works for both of you.

  1. Take Risks

The difference between an innovative person and someone who isn’t is their risk appetite. You embark on a very different journey when you get out of your comfort zone and explore various possibilities in front of you.

Working with boomers may be easy, but are you willing to take on the projects for millennials and Gen Z? Innovative advisors understand the need of the time, take risks, and implement solutions.

Is your wealth management firm utilizing innovative practices? Are you looking for advisors who are proactive and can take risks?

Avior Search Firm can help you find candidates who can make a real difference in your firm.


Avior Executive Search is a professional recruiting firm specializing in the wealth management industry globally. We have built a proud reputation based on our search process and market knowledge and have an unmatched network with extensive search experience in the United States, Canada, Latin America, Europe, and Middle East global wealth management industry. To learn more about how Avior Executive Search can help you, contact us.