Growth: It’s what’s coming

2020 has brought a lot to contend with across all parts of life, that is for sure. But as we know, constraints have a way of driving creativity. So it’s not surprising that we saw independent advisors move swiftly from working from home to growing from home this spring. While some have found their way safely back to in-person client meetings and working safely from their offices, the future, including the future of growth is top of mind for all.

Success itself can topple a business that was ill-prepared to sustain the growth. Firms have to go beyond solving the inefficiencies of the day. It’s important for them to step back and focus on the challenges that lie ahead and how to solve for those. We know the past is littered with firms that hired a compliance officer after their first compliance event.

Future growth includes clients not focused on de-accumulation, but on asset growth and planning for a future that feels really far away. It includes clients who want to be more virtual, and those who are multi-lingual, and may be multi-currency. Future growth may also mean a client base that doesn’t look like you or act like you which triggers another question…will your workforce of the future emulate your clients of the future?

One of the biggest challenges independent advisors face is being ready for what’s ahead. It’s simple, but it’s not easy. We ask a lot of questions at Schwab. And it’s in that spirit that I ask, can your current technology handle the growth on the way? Are those you partner with astute and ready for the growth you expect? I envision that independent advisors will have fewer but deeper relationships with partners who support them, and that will be incredibly important to the future.

From where we sit, independence is the way forward for high net worth investors. RIAs have a better model and they’re deep in relationship with clients because of it. Those clients want their advisors to be big and successful, and to have the kind of partners who help drive their success. Gone are the days of clients not wanting to give their advisor referrals because they want them to have time for only them.

There are countless reasons we love telling your story. Our next set of television commercials featuring independent advisors kicks off this week, and next week, we are again partnering with the Wall Street Journal in “Spotting Your Blind Spots,” a fun online game that helps HNW investors discover their financial blind spots and how an RIA can help.

We are bullish on the future of the RIA profession, and incredibly honored to play a role in helping our clients serve theirs. Here’s to a future filled with greatness and growth for all!