TPC FINANCIAL GROUP
Years as a financial advisor: 7
Certifications: CFP, CLU, CEA
Despite being just 30 years old, Adam Neal has seven years as a financial advisor under his belt, which makes him well placed to comment on change in the industry. In particular, he’s witnessed a shifting environment in terms of compensation.
“When I began my career, the industry seemed to be entirely sales-based,” he says. “With the introduction of CRM2 and a rising demand for transparency and education by the Canadian population, I think advisors are being tasked with adding value-added services to stay relevant. If the client completely understands the recommendations I make and the rationale behind each strategy, the relationship continues to grow, and the level of trust continues to grow as well.”
Part of that value-add is providing digital offerings for clients. This is especially important among the millennial demographic and is an area where younger advisors can excel.
“I think younger advisors may be more in tune with the use of technology and how our role as advisors is changing,” Neal says. “The challenges are often in convincing colleagues or existing clients on how technology can complement the services we can provide, as opposed to detracting from our services.”
The value financial advisors can provide is something that needs to be emphasized, Neal believes. This in turn would make the profession more attractive to new entrants, which is an ongoing concern.
“Young advisors could be brought on without any obligation to sell, but rather an obligation to educate themselves and understand their role in the greater financial picture,” he says. “I believe this would result in young advisors with an expanded knowledge base, resulting in increased confidence and ultimately a better value proposition for clients.”