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Sound investment advice may be the backbone of advisors’ service offerings, but to thrive in today’s marketplace they need a broader skill set, says Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC), in an industry letter.

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Russell says the last five years have seen three main factors shaping the industry landscape:

  • An older demographic in need of new products and services to fund retirement goals and transfer assets to the next generation
  • A higher level of knowledge and sophistication among clients, which translates into demands for enhanced service
  • Shaken trust and confidence triggered by the 2008 financial crisis, prompting pressures for a new approach to doing business

To be seen as effective, advisors now need to be seen as capable of covering a wider range of service areas. “The advisor is now considered an expert across all aspects of financial decision-making, offering a wide suite of financial products and services related to tax, estate planning, insurance and retirement and education saving objectives.

Read: China will lead Asian expansion: IIAC

“The advisor becomes the ‘go to’ professional. And if the advisor doesn’t have the technical expertise in a particular area, he or she knows where to find it, and then integrate the information in a financial plan,” Russell says.

Read more here.

Also read:

Advisory industry lacks competition: IIAC

Wrong time for a fee hike: IIAC

Originally published on Advisor.ca

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