Page 10 - Investment Advisor June 2022

EDITOR’S NOTE

By Janet Levaux

Bad News, Good News

We’re pleased to he world economy is struggling with supply-chain woes, rising prices,
interest rate hikes and a number of other challenges, as Russia’s war in
announce the finalists TUkraine and the coronavirus pandemic continue. As a result, the Dow Jones
and winners of the Industrial Average has fallen 10% this year as of mid-May, while the S&P 500 has

2022 Asset Manager dipped about 14.5%.
Meanwhile, the business of financial advice is adjusting to a series of big changes,
Award program, which such as meeting investors’ demands for more personalized service and financial
we present each year planning via technology. According to Michael Durbin, head of Fidelity Institutional,
“We have to embrace … digital engagement practices and the good news is the capa-
with Envesetnet. The bility increasingly is there. We see it in our consumer life outside of financial services

performance of this every single day.”
At the same time, Ken Cella, principal of branch development at Edward Jones,
group is outstanding, says his firm is “committed to being human-first.” He explains: “We think there’s a
and detailed profiles really important role for technology to play, especially with that next-gen investor,” he
said. “But what we know through research is that people value what an advisor does.”
of the winners will How advisors and the industry can best combine the digital tools and human side

be presented in our of the business are highlighted in this month’s cover story, “A New Age of Advice.”
Weighing in on this topic, former Charles Schwab executive Rob Farmer, now with
July issue. The Rudin Group, suggests the industry do more to help “younger people understand
the [necessity] to start planning sooner. … But that’s not an easy message to deliver
to a young person who has other financial needs and may have a smaller income.”
To better serve clients of all ages, firms “need to expand their capacity, either
through hiring more advisors or building a more efficient business,” explains col-
umnist and consultant Angie Herbers. But in doing so, they face a tough dilemma:
“How do you unlock time for more business management without increasing
employee management?”
Herbers admits, “There’s no shortcut to fixing this problem.” But her look at tack-
ling this situation (“How to Expand Capacity Without Adding Employees’’) zooms
in on changing “the ethos of the organization to a decentralized one,” which requires
serious commitment but also promises a big payoff.
Also this month, we’re pleased to announce the finalists and winners of the 2022
Asset Manager Award program, which we present each year with Envesetnet. The
performance of the group is outstanding, and detailed profiles of the winners will be
presented in our July issue. Until then, we wish you a pleasant start to the summer.

GROUP EDITOR-IN-CHIEF

8 INVESTMENT ADVISOR JUNE 2022 | ThinkAdvisor.com