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Concurrent Session Onsite and Online

PFP2340. How to Create & Profitably Operate a Next Gen Practice

The session will cover the changing landscape of running next-gen practices, including the use of technology to help you scale a more hands-on approach for younger, tech-savvy clients. As an example of the use of technology, the following Session Description was written by ChatGPT in 10 seconds:_ The session may begin with an overview of the challenges facing wealth management professionals today, including increased competition, changing client needs and expectations, and the rise of digital technology. The presenter may then outline some of the key trends and best practices that are driving success in the industry today, such as the use of advanced analytics and artificial intelligence, personalized client experiences, and digital marketing and branding. Next, the presenter may dive into the specifics of how to create and operate a next-gen practice, including steps such as: * Defining your target market: Wealth management professionals need to be very clear about who their target clients are and what they are looking for in a financial advisor. This may involve conducting research on the demographics, psychographics, and financial needs of your ideal clients. * Embracing technology: Wealth management professionals should leverage the latest technology to streamline their operations, enhance their client experiences, and stay ahead of the competition. This may include using advanced analytics to identify investment opportunities, offering online portals for clients to access their accounts, and using social media and other digital marketing tools to reach new clients. * Developing a unique value proposition: Wealth management professionals need to be able to clearly articulate their unique value proposition to potential clients. This may involve differentiating themselves from other advisors in the market by offering specialized services, a more personalized approach, or better investment returns. * Investing in your team: A next-gen practice should prioritize hiring and retaining top talent, with a focus on recruiting younger professionals who have a deep understanding of digital technology and can help drive innovation within the firm. The session may conclude with a discussion of the benefits of operating a next-gen practice, including increased profitability, improved client satisfaction, and greater competitiveness in the marketplace. Overall, the session would be aimed at helping wealth management professionals adapt to the changing industry landscape and position themselves for success in the years to come.

Learning Objectives:

  • Tips and tricks for pricing, tech stack, operations, scope of services, nicheing, etc.
  • Learn what a next-gen practice looks like compared to more traditional models
CPE Credits
NASBA Field of Study
Business Management & Organization
3-4 years in the Profession
Advanced Preparation
Session Tags