At the FSC: Get In Shape conference, FMA’s Director of Market Engagement, John Botica, focused on breaking long-standing industry myths when talking to advisors.
Friday, February 12, 2021 11:23 AM
At FSC: Get in Shape Conference. FMA’s market engagement director, John Botica, became a momentary myth when sharing new data that contradicts long-standing myths in the advisor industry.
Botica started by sharing FMA statistics, which are a good precursor to the industry at the forefront of major regulatory changes. On Tuesday, Bochika said: “As of today, there are more than 2,200 license-ready companies. These businesses have more than 9,600 advisors.”
But the data became interesting when Bochika turned his attention to mythology.
“There are two or three industry myths I want to break. The first is around the myths of aging advisors. You may be surprised by the statistics. 60% of advisors today are under 50 . 30% are between 51 and 65. 7% are over 65. Interestingly, 3500 advisors are under 40. “
“These numbers show that not many advisors we call gray panthers well. Obviously, we still need to focus on attracting more young people into the industry. , These statistics look quite different from many of the myths we are talking about. “
The next myth that Bochika turned to was “the death of a solo advisor under license.”
“This myth is something I have never really believed or endorsed, and licensing statistics support that position. To date, more than 50% of companies that have granted migration licenses are independent businesses. . “
“There are no concerns about market-wide integration, especially some large companies trying to buy SMEs. In fact, a single advisory company actually dominates the market. “
Another myth that Bochika wanted to ruin was the term “overall advice.”
“I personally hate it. It’s robbed every time a crisis strikes, and covid is no exception. What I’m back is that I’m not giving advice on relationships. A good adviser is actually Would you like to partner with their client? The advice has already done all this, so why not just call it what it is instead of using these terrible terms? “
Bochika ended the collapse of his myth with a challenge to a gathered advisory audience. “My challenge to you is to bravely confront the advice. Challenge the client, offer alternatives and use effective scenarios.
“Due to regulatory requirements, you shouldn’t just make changes to your business. All changes are designed to improve the quality of your advice. They ensure that you do your best. Not designed as a hindrance hurdle. “
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