Home Breadcrumb caret Industry News Breadcrumb caret Industry Broader skill set key to advisor success: IIAC To thrive in today’s marketplace, advisors need a broader skill set, says IIAC. By Staff | May 17, 2013 | Last updated on May 17, 2013 1 min read 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. Read: Small firms fight for survival: IIAC 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 Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo