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1. Regulation. Asset managers operate in a variety of jurisdictions and are subject to the rules and regulations of each.
2. Technology. In order to remain competitive, financial advisors have no choice but to embrace new technologies.
3. Client support. Today’s clients are better informed. Accordingly, they are demanding more sophisticated and in-depth information from their advisors to support recommendations.
4. Strategy. Because of the increasingly competitive nature of the financial services industry, companies that do not have a clear business strategy are unlikely to succeed. Asset managers should have a detailed plan with clear goals and strategies and a firm understanding of target clients.
5. Communication. Shorter attention spans mean asset managers need to find effective ways to communicate and engage with clients.