Last week, White Glove’s co-founders Dean Thurman, Mike Thurman, and Jeff Grail, sat down with financial advisors to discuss the top industry trends that advisors are dealing with today.  These are the biggest takeaways from that discussion.

Trend 1- Market Volatility and Inflation

It is no surprise that market volatility and inflation have been weighing heavily on the general public. Between gas prices skyrocketing, the formula shortage, bond market performance, inflation, and more, people are looking for help navigating these new waters.  Financial advisor and panelist on last week’s webinar, Kelly, explained, “People just want to make sure they are going to be ok.”  Kelly continues to explain that security and protection are the name of the game right now. With a combination of a conservative portfolio and buffer-type annuities, you can combat market volatility and protect your clients’ money.

Trend 2- The Great Resignation and Baby Boomer Retirement

“In my 33 years of being a financial advisor, I have never seen a time where everything is adding up, and all the stars are aligning to really have a lot of interest in financial planning,” says Dean Thurman.  The pandemic shifted thinking for many people, which left employees leaving their places of employment in droves.  When a person quits their job, either to pursue another or because of retirement — financial advice is a must.  Dean continues, “Advisors are getting more referrals and more interest from their marketing because so many people are shifting their career paths.”

Trend 3- Virtual Flexibility

Jeff Grail, co-founder of White Glove, explains, “Three years ago, who would have ever thought you could do business and close business over a computer?”.  The public was forced to do virtual meetings, and what we found is that… it isn’t so bad!  “With seminars, you usually stay within a 30-mile radius of your office. With virtual meetings, you are taking those borders away,” Jeff continues.  With proprietary tools and geo-mapping, advisors can locate clients in under-represented locations and “move beyond borders” to grow their business.

Trend 4- Estate Planning

Many financial advisors avoid the estate planning topic because they feel it is better left to attorneys who draft the wills and develop the trust.  That is not the case, says Mike Thurman, co-founder of White Glove. “The number one reason that people fail financially is because they procrastinate,” Mike says.  He explains that the last piece of the financial plan puzzle is the estate plan.  Dean expands on this topic by saying, “People who go to an estate planning workshop are there because they want to protect their wealth and pass it on to the next generation, not necessarily because they want to do a will or trust.”  As a financial advisor, you can take on higher net-worth clients by doing the financial planning for the estate, and then work with an attorney to draft up the documents.  

Trend 5- Nurturing through Life Events

You have heard White Glove go on and on about nurturing leads and engaging clients, but there is a reason why.  Kelly shared stats during the webinar that explains how all these significant economic changes and market trends are affecting her leads and that life events mixed with her nurture campaigns are bringing those leads in as clients.  “I have been using White Glove’s nurture campaigns to drip to my leads for years, and one of those leads just reached out to me from a seminar I did back in2017.”  She continued to explain that some leads are just not ready to make the move when you speak with them, and that is ok.  When the time comes that financial advice is needed, who do you think they will reach out to?  The advisor who is staying top of mind with nurturing campaigns.  Kelly explained in another instance that she picked up a $350k client through another campaign. The client is an executor of her mother’s trust work several million dollars, and they were not happy with their current advisor. By staying top of mind during these life events, you keep yourself relevant and open to new business.

White Glove University has monthly roundtables and expert speakers discussing important topics for financial advisors.  If you would like to learn more about White Glove University, or any of White Glove’s Done-For-You marketing solutions, reach out to an Executive Marketing Consultant by phone (844) 949-9497 or visit our website.