Key Challenges for Wealth Managers

Brian Anderson

Executive Editor
100+ Post Club
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In a just-posted article (link below) from Insurance Forums Contributing Editor Chuck Hirsch, elite producers Barbara Pietrangelo and Randy Scritchfield talk about the wealth management market and the opportunities and challenges it presents for advisors.

Scritchfield says the biggest challenge is “to effectively retain the younger generations – my clients’ children – as the wealth transfers to them.”
Pietrangelo says a challenge is, “If one has done well, there can be family members who feel that the client is their personal bank. We try to keep the client financially healthy. We have seen people help so many others that eventually there is nothing left for them.” She also mentions addressing health concerns and planning to cover those expenses as clients age, and planning to prevent clients from running out of money due to longer lifespans as additional challenges.

For those of you focusing on wealth management, what are some of the key challenges you are facing today? In addition to what's mentioned above, is compliance or the regulatory environment a challenge? Adapting business models to meet needs of women and/or millennials?


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