Managing partner explains why a holistic service is now paramount in order to prepare the next generation
It’s no secret that the advisory role has changed over the years. From days of being stock-picking gurus, an advisor must now offer a more holistic service, catering for all a client’s life needs and eventualities.
For J-F Courville, managing partner at Purpose Advisor Solutions, his job is to provide his advisors with the tools they need to provide the solutions. It’s why, as previously reported by WP, it has entered into a partnership with Willful, an online will and estate planning platform.
Courville said it was an exciting time to team up with a proven business, which will enhance the offering for both parties. Crucially, though, this also offers PAS advisors the chance to elevate themselves, if they haven’t already, to build even better relationships with clients.
“My [general] view is that there are good advisors, there are great advisors, and there are bad advisors. If we can actually create an environment where good advisors become great because they have all the tools easily accessible, then it demystifies the whole process for clients. [PAS] is in great shape.”
Those satisfied with simply building a diversified portfolio and calling a client “on their birthday” are unlikely to succeed, he added. Once advisors have the tools they need, it’s down to them. The motivation should be clear; forge enduring relationships and you foster loyalty and grow your book.
The issue of estate planning is particularly important to this, allowing advisors an insight into a family’s next generation. In the midst of a huge baby boomer generational wealth transfer, it could the difference between success or failure.
Courville said: “When it comes to bringing estate planning into an advisors’ service offering, it makes it a lot easier for the advisor to fully understand a client's plan and their path of transition. Whether it’s beginning to open accounts or having conversations from that wholesome family view, it’s a really good entry point to start thinking about how to bring on the next gen into the advisors life.”
Every firm on the street is trying to build programs where there is a multi-generational reach, knowing their business depends on it. But are advisors simply cozying up to the next generation to benefit themselves or are they offering a genuine bridge that millennials, for example, can cross when they are ready?
He added: “If the next generation who may not be completely ready for an advisor yet can actually start understanding what the elements of value are that an advisor can bring in through this guidance, like with a will or a conversation about investments, these will be useful at some point, and the next generation will be prepared.”