Barry E. Nelson is a Senior Financial Advisor with over 30 years of experience in the financial services industry. At Prosperity Advisors, Barry specializes in high-net-worth (HNW) family planning, business succession planning, and advisor development. He is known for his unique role at the intersection of business and family. He provides strategic guidance to clients while developing training programs for other advisors at his Office of Supervisory Jurisdiction (OSJ). Barry’s expertise lies in helping advisors enhance their effectiveness and crafting comprehensive solutions for complex family and business planning needs.
Through this article, Barry E. Nelson discusses the healthy landscape and emerging trends in the financial advisory industry, emphasizing the role of technology, client trust, and robust communication. He shares insights on addressing key client concerns, adapting to global population shifts, and fostering strong client relationships through a collaborative approach while highlighting essential skills for advisors' long-term success.
The Financial Advisory Market: A Strong Landscape and Shifting Trends
The financial advisory market remains healthy, supported by record-high markets, evolving tax laws that demand expert guidance, a substantial wealth transfer underway, and a post-correction environment with relative regulatory stability.
The primary trends shaping the future of financial advising are twofold:
First, technology now drives every aspect of the industry—from video calls to CRM systems, compliance, and security, making state-of-the-art tech indispensable. Second, the rise of “do-it-yourself” investing, fueled by platforms like Schwab and Robinhood, has given clients more tools to manage finances independently. At the same time, we face internal competition with ads that question the value of advisors and emphasize certifications like CFP and fiduciary status.
Building Strong Client Relationships Through Service, Collaboration, and a Unique Communication Model
Mastering follow-up is essential to building and maintaining client relationships. We rely on a distinctive service and communication model, achieving growth primarily through referrals rather than advertising. As a collaborative firm, every client is genuinely a client of the firm, without internal competition. Each client’s team includes a senior advisor, a planning analyst (junior advisor), and a dedicated service representative to ensure consistency and trust in each relationship.
Addressing Key Client Concerns and Embracing Technology for Enhanced Service
Clients often worry about running out of money and paying excess taxes, fees, and other inefficiencies. We tackle these with a robust communication strategy that keeps them informed and confident in their investment decisions. The rapid rise of technology offers endless tools that enhance client service and streamline operations, far too many to list.
Preparing for Global Population Shifts and Rising Investment Opportunities
The US is seeing a wave of retirements and business sales among boomers, unleashing trillions of dollars in motion, while an MSCI population boom enters the global economy. This surge in capital, coupled with government debt, fuels inflation—often lifting asset prices. We proactively navigate investment opportunities to position our clients in this evolving landscape.
Essential Skills for Building Success and a Dedicated Client Base
In my book, Get Good: The 7 Habits of Successful Financial Professionals, I delve into critical strategies for thriving in this field, including cultivating a dedicated fan base. Extensive content here offers actionable insights on building essential competencies and establishing strong client loyalty in an evolving financial landscape.
