Fidelity “Perspective”
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Even the most successful firms face headwinds to growth.
Those headwinds range from macro conditions in the economy to the political climate, and they can make managing the day-to-day challenging—and planning for the future daunting. Wealth management firms are also navigating the evolving regulatory environment, a competitive landscape comprised of increasingly larger and more sophisticated firms, and a challenging environment for hiring and retaining talent.
There has also been an explosion of innovative technology available to wealth management firms. These advancements have lowered the barrier to entry for products and services that were once reserved for niche segments. Pair this with investors expecting more than ever before from their advisor, in terms of services and investment returns, and the result is an increasingly competitive landscape where firms have a harder time differentiating themselves on the services they already provide.
With all of this in mind, growth can start to look like an uphill journey for many firms. Yet, against this challenging backdrop lies opportunity.
So, how can firms begin building durable, and growing businesses amidst these headwinds? It begins by recognizing that creating a durable business is a long-distance race, not a 100-meter dash, and that there are actions you can start taking now to invest in growth areas that will pay off later.
The following are five areas of focus for wealth management firms to consider for the long haul.
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