Competition and outside influences have put wealth advisors into a tough spot on occasion. As a wealth manager, there are things that you should be on the lookout for in order to manage client expectations and stay ahead of the competition. The list below outlines some of the things to be aware of in an ever changing market.


Robo-advisors are the do-it-yourself tools that allows individuals to invest with help from an app or site. These programs are much like turbotax. Like turbotax, they come with their setbacks. Nothing beats excellent customer service and natural intuition. If you have clients who are ready to jump ship for a robo-advisor, understand what they do and how you can make the clients experience better.

Diminished client trust

Due to the market crashing and other fluctuations, potential clients can be hesitant to use a wealth advisor because of instability in the past. Knowing the general feelings of potential and existing clients will help you develop ways to regain trust and show them you are on their side. Transparency and risk assessment are especially important when gaining or regaining trust.

High Client Expectations

As with any industry, clients are going to have mismatched, and sometimes lofty, expectations. It is important to understand what a client thinks will happen. Knowing what their expectations are gives you an advantage to either let them know you will be able to achieve those goals or that you both need to evaluate what is possible.

Lack of Technology

Wealth Management firms have been hesitant to adopt new technology, such as apps. More and more clients are expecting firms to catch up with the tech race and get onboard with sleek websites and apps that they can watch investments in real time. Taking the time and money to invest in some tech upgrades will go along way with existing clients and new client acquisition.

Compliance Costs

Firms need to be extremely cautious in terms of compliance and regulation. Compliances and regulations are in place to protect both client and firm, so it is important to stay up to date with new regulations in order to provide the best experience for all.

Even with competition and industry struggles, wealth managers are still providing an excellent, personal service unlike any other. The hands on approach and care found within these firms rivals any robo-advisor out there.