Issue link: https://resources.envestnet.com/i/1527630
8 FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. How RIAs can be more competitive Emerging trends and challenges require RIAs to adopt and execute strategies to differentiate themselves and future proof their practices. Here are a few strategies that can help drive business growth: Personalize the client experience. Develop a comprehensive view of clients and personalize each client's plan to address their unique needs and circumstances. Use the tools at your disposal to ensure each client's financial plan fits their specific needs. Leverage technology and AI-driven insights to uncover opportunities that you can act on. 3 Augment your offerings. Broaden your advice and services to provide a more holistic approach that meets clients' needs and expectations. Consider adding services you don't offer already, like tax planning, estate planning, and college planning, insurance products, trust services, intergenerational wealth planning, and healthcare planning. Consider involving top-tier specialists or even joining forces with your peers to provide additional support for complex financial needs. 4 Strengthen the link between financial planning and execution. Leverage project management tactics to keep clients on track and connect all the dots from the plan through execution and results. Telling this story clearly and explicitly can remind clients of the value you provide. 1 Shift from financial advisor to financial coach. Change how you look at and market yourself and your firm. Advisors today are becoming more like integrated life/wealth coaches who advise clients on financial matters related to life milestones and more. 2 Explore ways to personalize clients' portfolios. Use your understanding of what your clients care about to build portfolios around investment ideas that align with their passions and goals. 5 Use tech to your advantage. Enhance and update your digital experience to meet client expectations and improve operational efficiency. Select the right technology partner who can help you leverage personalization at scale offerings, AI-driven tools, advanced analytics, competitive intelligence, and digital advice. 6