Clients, advisory firms, and the Advicent Innovation Summit

May 5, 2017 by Alex Peter

Thought leaders from financial services attend the Advicent Innovation Summit

about the author:

Alex Peter

Product marketing strategist

Alex began his career at Advicent as a mid-market business development representative. He now divides his time between assisting his team and working with enterprise clients. Alex is passionate about FinTech and creating success for his team.

On May 18 in New York City, the Advicent Innovation Summit will bring together thought leaders from all across the financial services industry to share unparalleled expertise and develop dynamic strategies for growing their businesses.

Recently, my colleagues and I have been planning the Advicent Innovation Summit. At the Summit, we will be talking about multiple topics including: digitization of the wealth management industry, innovation, the future of the wealth management industry, and what Advicent is doing to help your firm prepare for these changes.

The untapped market

In the United States, there is a population of about 4.45 million high net worth individuals. This represents only 1.3 percent of this country’s population. This demographic fits into most advisory firms’ ideal customer profile: individuals who have over $1 million in investable liquid assets. Typically, these are the individuals who are being served in the financial services industry – they are the ones that advisors compete to serve.

The problem is that this is an overserved market, at least when compared to the rest of the US population. The current population of the United States is roughly 321.5 million. This means that roughly 317 million individuals in the United States are not being adequately served. The traditional advisor – fighting for that tiny slice of the US population – may or may not acquire them. However, we know that individuals are most likely to continue a relationship with a company if they have positive experiences with them. By not targeting this underserved demographic, these advisors are missing out on a massive amount of business – nearly 99 percent of the population of the United States.

Clients, advisory firms, and the Advicent Innovation Summit

Advisors, and the firms they work for, need to be able to deliver a strategy that allows them to not just acquire, but also retain, those clients. This service must incorporate both traditional financial planning strategies and innovative digital capabilities that will, ultimately, allow them to service more clients more efficiently. At the Advicent Innovation Summit, we will explore different strategies for how a firm can pair cutting-edge financial planning technology with the traditional advisor relationship, to better capture, and retain new clients from that untapped market.

Join us on May 18 in New York City for the Advicent Innovation Summit.