Knowledge and Insight > Plan for the Future

Profound Changes in the Wealth Advisory Business Require Firms to Embrace a New Approach to Building an Enduring Business

Editorial Staff | PR Newswire, December 2016

Summary: In the face of escalating regulation, increased commoditization, and fewer people entering the profession, the advisory business is undergoing many changes. BNY Mellon's Pershing Advisor Solutions chief executive officer, Mark Tibergien, and BNY Mellon's global head of segment and technology marketing, Kim Dellarocca, have co-authored a new book challenging commonly-held industry assumptions and put forth a strategy for building an enduring wealth advisory business.

Over the years, we have repeatedly seen advisory firms hit the same series of walls as they grow their firms, and this has been exacerbated in a rapidly changing industry. However, these challenges are eminently fixable if advisors ask the right questions and focus their attention on three critical areas that are often overlooked: attracting and retaining top talent, implementing cutting-edge technology that enhances operational efficiency, and putting into place profitable pricing structures that ensure the firm remains on solid footing."