Issue link: https://resources.envestnet.com/i/1527487
Taking the Measure of Advice © 2022 Envestnet. All rights reserved. 18 • Expand outreach to household members: Delivering financial wellness will require advisors to proactively engage the spouse and other family members in meetings and conversations about financial goals. Addressing family dynamics, especially around wealth transfer is essential in managing client goals and outcomes. Engaging the spouse and family members also leads to better asset retention. Advisors will need to leverage marketing support and automation tools to message topics and issues relevant to various family members. Advisors will also need to improve the digitalization, client portals, and do-it-yourself (DIY) and collaborative capabilities to connect with the next generation of clients. • Outsourcing is critical: The expanding role of wealth management and service/product offering required to compete continues to expand. In delivering financial wellness, advisors must outsource and leverage third-party platforms to expand their capabilities. Advisors will need access to and capabilities for a wider range of investment solutions, advice and planning modules, services (healthcare, insurance, banking, etc.), marketing and business development, client-facing digital tools, data and next-best action analytics, and practice management. Maximizing current vendor and platform relationships should be a top priority in expanding capabilities and identifying any gaps.