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INTRO:
Welcome to Synergize, unscripted conversations where we explore the evolving role of the financial advisor in an emerging AI-driven world. Join us as we bring together thought leaders across a range of disciplines, and industry experts, sharing insights designed to help RIAs thrive in the industry of tomorrow. And now, here’s your host, Bill Coppel.
BILL COPPEL:
Hi, I'm Bill Coppel, Chief Client Growth Officer at TradePMR and Head of Advisor Evolution Sciences, a TradePMR Company. I'm here today with Robb Baldwin, Founder and CEO of TradePMR, and a former RIA, to kick off our new podcast, Synergize: Unscripted Conversations to Help Guide Advisor Growth.
Why another podcast? It starts with this belief. In our opinion, the one thing all businesses have in common is to be better, perform better, create better outcomes
for clients, and in the end, increase enterprise value. The whole idea behind Synergize is to bring together thought leaders and subject-matter experts and creators of novel technologies to help better understand where the advice business is today and where it needs to be to capitalize on the opportunity the future holds for RIA firms.
We believe advice and the advice business has been slow to evolve to meet the needs of those people seeking financial guidance. As technology continues to remove friction in our lives, we expect more, we expect it faster and we want it personalized.
Thanks to people like Jeff Bezos and Steve Jobs.
We'll discuss what's on the horizon to create more personalized experiences for clients and communicate more effectively with those seeking advice. Because in the end, we believe advice is about helping people achieve what matters most in life. Robb, you started out as an RIA and then you pivoted and created TradePMR. And for the past two decades, TradePMR's focus has been on helping advisors better serve their clients. What do you see as the challenges and opportunities facing RIA firms today?
ROBB BALDWIN:
Well, you know you have to look back on the last 20 years. The first 20 years of this business, we really spent teaching brokers and breakaway advisors what RIA stood for and what it was going to be like to become independent and to grow their business and giving them the opportunity to actually go independent.
And now we're at a transitional point where advisors truly must become students of this business because 37% of advisors are scheduled to retire in the next 10 years1 and there’s an increasing demand for financial advice.2 So, $84 trillion in assets is going to be changing hands in the next 20 years.3 You know I feel like this is the biggest opportunity financial advisors have had in decades to grow their RIA firms.
But what are advisors going to do to make sure they can capitalize on this and take advantage of the opportunity? Really there's two things they need to do. And the first thing is they've got to learn how to grow their business at double-digit rates, back to the ways they did in the early days when they started their business. And second, they have to search and find the right technologies to help them scale that business.
And that is exactly what Advisor Evolution Sciences is about.
BILL COPPEL:
Exactly, Robb. And what I'm hearing you say is that what worked in the past is not likely to work to evolve our business going forward. We know your time is precious. In fact, your time is your most valuable asset as it is for your clients.
Our goal with Synergize is to give you actionable ideas and resources that can help you evolve your business to grow your enterprise value. Thanks for listening. And please take a moment to subscribe and follow us on social media. And remember, the challenge is yours to capitalize on what the future offers.
OUTRO:
If you want to join the conversation or connect with us, please visit us at synergize.advisorevolutionsciences.com. This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own, and do not necessarily reflect the opinion of TradePMR or its affiliates. TradePMR and its affiliates do not endorse any guest speakers or their companies, and therefore give no assurances as to the quality of their products and services. This channel is not monitored by TradePMR. TradePMR does not provide investment advice, tax advice or legal advice. TradePMR is a Member of FINRA and SIPC. Trade-PMR, Inc. is registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB).TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Copyright 2024 Trade-PMR, Inc.
For a transcript of this episode, with sources, visit synergize.advisorevolutionsciences.com.
1 40% of Advisory Assets Will Transition in 10 Years, Cerulli Associates. Published June 13, 2022.
2 Investors Increasingly Choose Advice, Cerulli Associates. Published November 30, 2023.
3 Cerulli Anticipates $84 Trillion in Wealth Transfers Through 2045, Cerulli Associates. Published January 20, 2022.
